Africa throughout the year hardly recorded any major improvements across its numerous markets. Price hikes in basic commodities like food and energy defined the year, with economists going as far as predicting a similar or an even worse outcome in 2023. However, some countries on the continent ended the year with a bit of good news.
Economic performances across the continent wavered with some ending the year on a high note, and others recording a less fortunate fate. If this is any indication, Africa may experience some form of economic recovery in 2023, but this is a highly nuanced situation.
Regardless of how nuanced the projections are, it doesn’t take away the fact that some of Africa’s economy experienced a decline in its inflation rate, following months of incremental surges. Angola’s annual inflation rate eased for the 11th straight month to 13.86% in December of 2022 from 15.24% in the previous month. The annual inflation rate in Namibia eased for the second straight month to 6.9% in December of 2022, from 7% in the prior month.
The annual inflation rate in Burkina Faso eased sharply to 9.6% in December 2022, from 12.2% in the previous month. The annual inflation rate in Cape Verde eased for the fifth month running to 7.6% in December of 2022, down from 8% in November and a 14-year high of 9% in July.