Five African Central Banks Set to Hike Rates to Subdue Inflation
- Price pressures from war in Ukraine to factor in decisions
- Central banks in 12 economies to decide on interest rates
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Central banks in five African nations will likely raise interest rates in the coming weeks to tame inflation pressures that threaten to become entrenched. Those in another seven are expected to keep borrowing costs on hold as they assess the impact of supply shocks caused by Russia’s war on Ukraine.
The conflict has raised fears that the world economy may be heading for a re-run of 1970s-style stagflation, as soaring prices of commodities from wheat to oil drive up living costs globally.