January 2023 SSA Inflation Update - Africa records mixed outturns in January
Africa records mixed outturns in January
In January, price movement was mixed as inflation fell in 5 out of the top 10 economies in Africa. The largest declines were observed in Angola (-1.3ppts), Ghana (-0.5ppts) and South Africa (-0.6ppt). On the flip side, inflation surged in Egypt (+4.5ppts) and Nigeria (+0.5ppts).
Ghana: Inflation eases for the first time since May 2021
In January 2023, headline inflation fell to 54.1% y/y. The descent is attributed to a strengthening Cedi. This also marked the first decline in 20 months. On a month-on-month basis, inflation eased to 1.7% m/m, its slowest record since the inception of the Russia-Ukraine war.
Consumer price inflation continues to soften in Angola
In January, inflation fell 0.31% further to 12.6% y/y, riding on the sustained strengthening of the Kwanza. We expect this trend to continue in the near term. As a result of the descent in inflation, the National Bank of Angola reduced its benchmark rate by 150bps to 18% at its first rate-setting meeting of the year.
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