South Africa and Nigeria Record Declining Inflation Rates

South Africa's inflation rate has dropped to 4.6% in July 2024, the lowest in three years, from 5.1% in June, despite ongoing economic challenges such as a high unemployment rate of 33.5%. The decrease in inflation was accompanied by a slight drop in food inflation, though prices for bread and cereals rose. Meanwhile, Nigeria's inflation rate also eased to 33.4% in July from 34.19% in June, marking the first decline in nearly two years. Food inflation in Nigeria slowed to 39.5%, and the Central Bank of Nigeria stated that its tightening measures are having a positive effect. However, Nigeria's inflation remains significantly higher than the previous year, highlighting ongoing economic pressures. Both countries are grappling with long-standing economic issues that continue to impact their citizens.