Central banks in Nigeria and South Africa may increase interest rates, while those in Kenya and Mozambique are likely to keep rates unchanged.
- Officials will consider the impact of higher oil prices, weather effects and a weaker dollar on inflation.
- South Africa’s repurchase rate currently stands at 8.25%. Inflation is at 6.3% in May.
- Ghana’s policy rate is currently at 29.5%. Inflation is at a high of 42.5% in June.
- Nigeria’s policy rate is currently at 18.5%. Inflation is high at 22.8% in June.
- Mozambique’s interbank rate currently stands at 17.25%. Inflation fell to a 15-month low of 6.8% in June.
- Inflation in Egypt surged to a record 35.7% in June but the central bank has kept rates on hold.
- Kenya’s central bank rate is currently at 10.5%. Inflation is at 7.9% in June. The bank raised rates by 100 basis points in July.