High consumer prices can exacerbate inflationary pressures, particularly in Africa, by undermining savings and fixed incomes. High consumer prices disproportionately affect low-income workers and retirees who rely on fixed pensions, lowering real income and exacerbating economic inequality in society. With Africa’s economy still in its infancy, this presents a challenge to its countries.
According to the International Monetary Fund, “Consumer price indexes (CPIs) are index numbers that measure changes in the prices of goods and services purchased or otherwise acquired by households, which households use directly, or indirectly, to satisfy their own needs and wants.”
As a result, the stress caused by increased consumer prices has the most visible and immediate impact on individuals and households.
As the cost of products and services rises, customers’ purchasing power decreases, resulting in a drop in living standards.
Essential requirements such as food, shelter, and healthcare become more expensive, putting pressure on families to make difficult decisions and even driving vulnerable people into poverty.
The International Monetary Fund’s April World Economic Output report, “Steady but Slow: Resilience amid Divergence,” included global consumer pricing projections for 2024.
With that said, here are the ten African countries with the lowest price changes for household staples.
| Rank | Country | Consumer price index projection 2024 |
|---|---|---|
| 1. | Seychelles | -0.2 |
| 2. | Mali | 1.0 |
| 3. | Djibouti | 1.9 |
| 4. | Cabo Verde | 2.0 |
| 5. | Comoros | 2.0 |
| 6. | Burkina Faso | 2.1 |
| 7. | Gabon | 2.1 |
| 8. | Morocco | 2.2 |
| 9. | Togo | 2.7 |
| 10. | Libya | 2.9 |