In brief
- Are you confused about inflation? You are not alone. Inflation remains the biggest anomaly in the world to date.
- Like an ill wind that blows no good, the cost of everything is going up: electricity, diesel, vegetables, the internet, hotels, flights, and even, the cost of borrowing.
- Much to the dismay of West Africa’s (WA’s) central bankers, inflation continues to break monthly records despite their raising interest rates in a bid to tame soaring inflation.
- But the effects of monetary policy can take up to 12 months to materialise and are therefore unlikely to offer an instant solution to the most pressing challenges.
- As inflation in the United States (US) came off the boil in July, the global inflation outlook is brighter and can bode well for local currencies if it persists.
- But it is too early to throw a party.
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