Food Inflation In Sub Saharan Africa
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Food Inflation In Sub Saharan Africa
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Author : Mr.Emre Alper
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-18
Food Inflation In Sub Saharan Africa written by Mr.Emre Alper and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-18 with Business & Economics categories.
This paper analyzes food inflation trends in Sub-Saharan Africa (SSA) from 2000 to 2016 using two novel datasets of disaggregated CPI baskets. Average food inflation is higher, more volatile, and similarly persistent as non-food non-fuel (NF/NF) inflation, especially in low-income countries (LICs) in SSA. We find evidence that food inflation became less persistent from 2009 onwards, related to recent improvements in monetary policy frameworks. We also find that high food prices are driven mainly by non-tradable food in SSA and there is incomplete pass-through from world food and fuel prices and exchange rates to domestic food prices. Taken together, these finding suggest that central banks in low-income countries with high and persistent food inflation should continue to pay attention to headline inflation to anchor inflation expectations. Other policy levers include reducing tariffs and improving storage and transport infrastructure to reduce food pressures.
Staple Food Prices In Sub Saharan Africa An Empirical Assessment
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Author : Cedric Okou
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-08
Staple Food Prices In Sub Saharan Africa An Empirical Assessment written by Cedric Okou and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-08 with Business & Economics categories.
This paper analyzes the domestic and external drivers of local staple food prices in Sub-Saharan Africa. Using data on domestic market prices of the five most consumed staple foods from 15 countries, this paper finds that external factors drive food price inflation, but domestic factors can mitigate these vulnerabilities. On the external side, our estimations show that Sub-Saharan African countries are highly vulnerable to global food prices, with the pass-through from global to local food prices estimated close to unity for highly imported staples. On the domestic side, staple food price inflation is lower in countries with greater local production and among products with lower consumption shares. Additionally, adverse shocks such as natural disasters and wars bring 1.8 and 4 percent staple food price surges respectively beyond generalized price increases. Economic policy can lower food price inflation, as the strength of monetary policy and fiscal frameworks, the overall economic environment, and transport constraints in geographically challenged areas account for substantial cross-country differences in staple food prices.
On The Drivers Of Inflation In Sub Saharan Africa
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Author : Anh D. M. Nguyen
language : en
Publisher: International Monetary Fund
Release Date : 2015-08-05
On The Drivers Of Inflation In Sub Saharan Africa written by Anh D. M. Nguyen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-05 with Business & Economics categories.
The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.
Monetary Policy In Sub Saharan Africa
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Author : Andrew Berg
language : en
Publisher: Oxford University Press
Release Date : 2018-02-23
Monetary Policy In Sub Saharan Africa written by Andrew Berg and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-23 with Business & Economics categories.
Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets; however most academic and policy work on monetary policy is aimed at much richer countries. Can economic models and methods invented for rich countries even be adapted and applied here? How does and should monetary policy work in sub-Saharan African? Monetary Policy in Sub-Saharan Africa answers these questions and provides practical tools and policy guidance to respond to the complex challenges of this region. Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. As they have achieved a degree of basic macroeconomic stability, policymakers are looking to avoid policy misalignments and respond appropriately to shocks in order to achieve stability and growth. Officially, they often have adopted "money targeting" frameworks, a regime that has long disappeared from almost all advanced and even emerging-market discussions. In practice, though, they are in many cases finding current regimes lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. Monetary Policy in Sub-Saharan Africa takes a new approach by applying dynamic general equilibrium models suitably adapted to reflect key features of low-income countries for the analysis of monetary policy in sub-Saharan African countries. Using a progressive approach derived from the International Monetary Fund's extensive practice and research, Monetary Policy in Sub-Saharan Africa seeks to address what we know about the empirics of monetary transmission in low-income countries, how monetary policy can work in countries characterized by underdeveloped financial markets and opaque policy regimes, and how we can use empirical and theoretical methods largely derived in advanced countries to answer these questions. It then uses these key topics to guide policymakers as they attempt to adjust food price, terms of trade, aid shocks, and the effects of the global financial crisis.
Global Supply Chain Disruptions Challenges For Inflation And Monetary Policy In Sub Saharan Africa
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Author : Zo Andriantomanga
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-24
Global Supply Chain Disruptions Challenges For Inflation And Monetary Policy In Sub Saharan Africa written by Zo Andriantomanga and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-24 with Business & Economics categories.
The Covid-19 pandemic has led to a large disruption of global supply chains. This paper studies the implications of supply chain disruptions for inflation and monetary policy in sub-Saharan Africa. Increases in supply chain pressures have had a sizeable impact on headline, food, and tradable inflation for a panel of 29 sub-Saharan African countries from 2000 to 2022. Our findings suggest that central banks can stabilize inflation and output more efficiently by monitoring global supply chains and adjusting the monetary policy stance before the disruptions have fully passed through into all inflation components. The gains from monitoring supply chain disruptions are particularly large for open economies which tend to experience outsized second-round effects on the prices of non-tradable goods and services.
The Food And Financial Crises In Sub Saharan Africa Origins Impacts And Policy Implications
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Author : M. B. Ndulo
language : en
Publisher: CABI
Release Date : 2011
The Food And Financial Crises In Sub Saharan Africa Origins Impacts And Policy Implications written by M. B. Ndulo and has been published by CABI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic books categories.
Dramatic increases in food prices, as witnessed on a global scale in recent years, threaten the food security of hundreds of millions of the rural poor in Sub-Saharan Africa alone. This book focuses on recent food and financial crises as they have affected Africa, illustrating the problems using country case studies, that cover their origins, effects on agriculture and rural poverty, their underlying factors and making recommendations as to how such crises could best be addressed in the future.
Unbearable Costs When Is Inflation Impeding Job Creation Evidence From Sub Saharan Africa
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Author : Ibrahima Camara
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-03
Unbearable Costs When Is Inflation Impeding Job Creation Evidence From Sub Saharan Africa written by Ibrahima Camara and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-03 with Business & Economics categories.
Covid-19 and war-induced commodity price fluctuations, and broadening price pressures have led to a surge in inflation in many sub-Saharan Africa (SSA) countries. To adjust to increasing costs, firms have resorted to several measures including shuttering offices, reducing businesses, laying off, and freezing hiring, thus putting at risk job creation and raising concerns of youth unemployment. This paper explores the effects of inflation on private employment growth in SSA using a large firm -level dataset from the World Bank’s Enterprise Surveys. We find a non-linear relationship between inflation and job creation in SSA, with job creation being negatively correlated with inflation rate when the latter is above 14 percent. This finding holds regardless of the sector of activities of firms and the exchange rate regime. In addition, the paper finds some differential effects based on the type of products. An increase in fuel prices tends to be more detrimental to job creation than food prices. The study also provides evidence that the state of implementation of structural reforms matters. The results show that inflation reduces job opportunities mostly in countries with bad or no structural reforms.
Regional Economic Outlook October 2021 Sub Saharan Africa
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Author : INTERNATIONAL MONETARY FUND.
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-21
Regional Economic Outlook October 2021 Sub Saharan Africa written by INTERNATIONAL MONETARY FUND. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-21 with Business & Economics categories.
The world remains in the grip of the COVID-19 pandemic and a seemingly accelerating pace of climate change, both of which underscore the need for increased global cooperation and dialogue. Solutions to these global problems must involve all countries and all regions, especially sub-Saharan Africa, with the world’s least vaccinated population, most promising renewable energy potential, and critical ecosystems. Sub-Saharan Africa’s economy is set to expand by 3.7 percent in 2021 and 3.8 percent in 2022. This follows the sharp contraction in 2020 and is much welcome, but still represents the slowest recovery relative to other regions. In particular, the economic outlook points to divergences at three levels: between sub-Saharan Africa and other regions, within sub-Saharan Africa, and within countries. These divergences reflect the region’s slower vaccines rollout, more limited fiscal space, and regional disparities in resilience. The outlook remains extremely uncertain, and risks are tilted to the downside. In particular, the recovery depends on the path of the global pandemic and the regional vaccination effort, food price inflation, and is also vulnerable to disruptions in global activity and financial markets. Looking ahead, sub-Saharan Africa’s potential remains undiminished. The region is at a critical juncture to implement bold transformative reforms to capitalize on this potential.
Climate Change And Chronic Food Insecurity In Sub Saharan Africa
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Author : Diogo Miguel Salgado Baptista
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-15
Climate Change And Chronic Food Insecurity In Sub Saharan Africa written by Diogo Miguel Salgado Baptista and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-15 with Business & Economics categories.
Climate change is intensifying food insecurity across sub-Saharan Africa (SSA) with lasting adverse macroeconomic effects, especially on economic growth and poverty. Successive shocks from the war in Ukraine and COVID-19 pandemic have increased food prices and depressed incomes, raising the number of people suffering from high malnutrition and unable to meet basic food consumption needs by at least 30 percent to 123 million in 2022 or 12 percent of SSA’s population. Addressing the lack of resilience to climate change—that critically underlies food insecurity in SSA—will require careful policy prioritization against a backdrop of financing and capacity constraints. This paper presents some key considerations and examples of tradeoffs and complementarities across policies to address food insecurity. Key findings include (1) Fiscal policies focused on social assistance and efficient public infrastructure investment can improve poorer households’ access to affordable food, facilitate expansion of climate-resilient and green agricultural production, and support quicker recovery from adverse climate events; (2) Improving access to finance is key to stepping up private investment in agricultural resilience and productivity as well as improving the earning capacity and food purchasing power of poorer rural and urban households; and (3) Greater regional trade integration, complemented with resilient transport infrastructure, enables sales of one country’s bumper harvests to its neighbors’ facing shortages. The international community can help with financial assistance—especially for the above-mentioned social assistance and key infrastructure areas—capacity development, and facilitating transfers of technology and know-how.
Food Security In Sub Saharan Africa
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Author : Stephen Devereux
language : en
Publisher: ITDG Publishing
Release Date : 2001
Food Security In Sub Saharan Africa written by Stephen Devereux and has been published by ITDG Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Most contributions reflect an evolution of thinking during the 1990s.