Global price instabilities: Africa feels the heat

Online Desk |  2 months ago | international

Ministers from various African countries say the spike in prices of imported goods is starting to affect the quality of life for many of their citizens in addition to the effects of the global Covid-19 pandemic on these countries. 

Speaking on the sidelines of the International Monetary Fund-World Bank spring meetings in New York which ended over the weekend, the African Finance Ministers said effects from the Russia-Ukraine conflict are now seeping through the cracks in sub-Saharan African countries. 

Finance ministers from Gambia, Tanzania, Malawi and Liberia say they are steadily feeling the impact on their inflation, due to increases in the fuel price. 

Like South Africa, minister of Finance in Malawi, Alfred Gwengwe said it is also facing rising cooking oil prices. The country says it is now encouraging local production to alleviate the impact.