Africa’s progress in controlling inflation weakened in September as rising oil prices and geopolitical tensions renewed pressure on consumer prices across the continent.
According to a BusinessDay analysis of data from Trading Economics published on October 23, inflation increased in eight of the 16 African economies tracked, while seven recorded declines and one remained unchanged.
This marked a reversal from August, when more than half of the countries recorded lower inflation.
Rising global energy costs are adding to the pressure, particularly in countries that depend heavily on imported fuel.
Higher oil prices can increase transportation, electricity and production costs, eventually pushing up the prices of goods and services.
South Africa’s annual inflation rose to 4.5 per cent in September from 4.4 per cent in August, while Ghana’s rate increased to 5.2 per cent from 5 per cent.
Kenya also recorded an increase, with inflation climbing to 6.8 per cent from 6.6 per cent.
Nigeria, however, recorded a decline in annual inflation to 14.63 per cent from 15.39 per cent in August. Despite the improvement, food inflation remained high at 19.59 per cent, leaving households exposed to continued pressure on living costs.
The contrasting figures highlight the uneven pace of inflation across African economies. While some countries are benefiting from easing price pressures, others are facing renewed increases driven by energy costs, food prices and currency movements.
The developments also present a challenge for central banks considering interest-rate cuts to support economic growth. If oil prices remain elevated, policymakers may need to maintain tighter monetary conditions for longer to prevent renewed inflation.
The World Bank has warned that rising commodity prices are particularly challenging for economies with heavy import dependence and limited flexibility to absorb external shocks.
For African businesses and consumers, the outlook will depend partly on how long energy prices remain high and whether governments can contain the resulting cost pressures without undermining economic recovery.
Sources:
Bunmi Bailey, BusinessDay, October 23, 2026.
