The cost of living crisis in Africa is a major challenge facing the continent. The rising cost of food, fuel, and other essential goods and services is making it difficult for many Africans to meet their basic needs.

Nigeria’s annual inflation rate accelerated to an 18-year high of 25.8% in August, as Africa’s largest economy grapples with rising prices ahead of a central bank interest rate decision. The spike in inflation was caused by a combination of factors, including the removal of petrol subsidies and the end of exchange controls. The rising cost of living is having a significant impact on Nigerians, many of whom are struggling to afford basic necessities. The government is facing increasing pressure to take action to address the crisis. In South Africa, unaudited fuel data indicated significant petrol and diesel price increases, mainly driven by higher international oil prices, which had surged since August due to reduced output by major oil-producing nations.

Source: All Africa