The rise in the prices of oil, bread and meat, the inflation crisis is paralyzing the world

Published 2021년 10월 31일

Tridge summary

Africa's ten most developed economies are in crisis due to high inflation, with Nigeria experiencing food price inflation over 20%. The increase in food prices is attributed to the COVID-19 pandemic and US dollar shortage. South Africa also saw inflation, with food and non-alcoholic beverages rising by 6.7%. Algeria blamed speculation for high food prices, leading to a reduction in income tax. Morocco experienced an increase in the consumer price index by 2.2%. Ethiopia's inflation exceeded 30%, leading to a rise in fuel prices and transportation costs. In an effort to curb inflation, Ethiopian authorities doubled the legal reserve requirement for commercial lenders and increased the amount of foreign currency they have to transfer to the central bank.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A new crisis has struck the world caused by high inflation, which was accompanied by a significant increase in the prices of all kinds of commodities, from energy to non-essential commodities and food. . Nigeria The crisis had major repercussions on the ten most developed economies in Africa. In Nigeria, whose economy is one of the strongest on the African continent, the Nigerian Bureau of Statistics announced at the beginning of the year that the rate of food price inflation jumped to more than 20%, recording the highest inflation rate ever witnessed. Nigeria at 11 years old. According to the Statistics Office, the increase in the inflation rate of food commodities was caused by the increase in the prices of bread, grains, meat, fruits, vegetables, fish, oils and fats. Economic analysts said that there are many reasons for this increase, the first of which is the repercussions of the outbreak of the Corona epidemic, in addition to the shortage of the US dollar. South ...

Source: Soutalomma