Top 10 African countries with the highest inflation rates: May 2026 rankings

• South Sudan (45%) and Malawi (24.3%) record the highest inflation rates in Africa.

• Economic reforms, currency weakness and import dependence are driving rising prices.

• Households across the continent continue to face increasing cost-of-living pressures.

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While the pace of price increases has eased in some economies compared to recent peaks, inflation still poses a significant challenge for households, businesses and policymakers alike.

From fragile to resource-rich economies, rising prices are steadily eroding purchasing power and complicating efforts to stabilise growth.

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The underlying drivers differ from country to country, but they are often interconnected, including currency depreciation, food supply constraints, high fuel costs, and long-standing structural weaknesses.

South Sudan sits at the top of the ranking with an inflation rate of about 45%, underscoring the scale of economic strain in one of the continent’s most vulnerable economies.

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Years of conflict and institutional fragility have disrupted production and trade, while heavy reliance on imports leaves the country highly exposed to exchange rate movements.

Depreciation of the local currency has made essential goods more expensive, contributing to persistently high food prices and deepening existing humanitarian concerns.

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Malawi follows with inflation at 24.3%, reflecting ongoing macroeconomic imbalances and external shocks.

Currency pressures, foreign exchange shortages and the lasting effects of earlier climate events continue to weigh on the economy. As a net importer of fuel and many consumer goods, Malawi remains particularly sensitive to exchange rate movements, which pass through quickly into domestic prices.

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In Nigeria, inflation stands at 15.93% as the country continues to adjust to major policy reforms introduced in recent years. Changes in fuel pricing and exchange rate management have contributed to higher costs across transport, food and other essential sectors.

Although these measures are intended to address structural distortions, their short-term impact has been a noticeable rise in the cost of living.

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Other countries in the top ten (10), including Egypt, Libya, Ethiopia and Rwanda, reflect a mix of domestic and external pressures.

In several cases, tighter monetary policy and improving supply conditions have helped moderate inflation compared to earlier periods, but price levels remain elevated.

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Across much of the continent, vulnerabilities such as import dependence, climate variability and limited fiscal space continue to shape inflation dynamics.

For policymakers, the challenge lies in balancing efforts to contain inflation with the need to support economic activity.

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For households, however, the effects are more immediate. Higher food and transport costs continue to strain incomes, particularly for lower-income groups with limited buffers against rising prices.

Below is a breakdown of the ten (10) African countries currently recording the highest inflation rates based on the latest available data from tradingeconomics.com.

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