Graph and download economic data for Inflation, consumer prices for Developing Countries in Sub-Saharan Africa (FPCPITOTLZGSSA) from 1981 to 2024 about Sub-Saharan Africa, consumer prices, consumer, and inflation.

Consumer price index (2010 = 100) in Sub-Saharan Africa excluding high income was reported at 148 in 2011, according to the World Bank collection of development indicators, compiled from officially recognized sources. Sub-Saharan Africa excluding high income - Consumer price index (2010 = 100) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

This data consists of remittance, FDI, economic globalization, and financial development dynamics between two region groups, namely: a high remittance and FDI receiving region (European and Central Asian region) and low remittance and FDI receiving region (Sub-Saharan African region) for the period of 1984-2016. These two regions include 44 countries, where 15 highly remittances and FDI receiving developing countries, and 29 less globalized developing countries.

This study requires data on economic globalization and institutions. We have taken data from Gygli, et al. (2019), which is a newly, published KOF economic globalization index dataset in the International monetary fund. This index includes Trade Globalization and Financial Globalization. Trade-in goods, trade regulations, and trade in services, trade taxes, trade partner diversity, tariffs, and trade agreements are included under Trade Globalization. On the other hand, financial globalization is a combination of investment restrictions, portfolio investment, capital account openness, international debt, international Investment Agreements, international reserves, and international income payments. Institutional quality index datasets provided by the International Country Risk Guide (ICRG), which allowed us to test the hypothesis. A total of three control variables that are added to the main model have been proposed in this study, they are as follows, Real GDP per capita, Consumer price index (Inflation), and Gross fixed capital formation. All data are collected from the World Development Indicators and the International Monetary Fund.

Variables Definition Units Source

FD Financial development index Index value International monetary fund

FI Financial institution index Index value International monetary fund

FM Financial market index Index value International monetary fund

REM Personal remittances received (% of GDP) Percentage of GDP World Development Indicators

FDI Foreign direct investment, net inflows (% of GDP) Percentage of GDP World Development Indicators

EGLOB KOF Economic Globalization index Index value International monetary fund (Gygli, Savina, Florian Haelg, Niklas Potrafke and Jan-Egbert Sturm, 2019)

INSQ An institutional quality index(combining all Index value International Country Risk Guide

the variables like Government Stability,

Socioeconomic Conditions, Investment Profile,

Internal Conflict, External Conflict, Corruption,

Military in Politics, Religious Tensions, Law and Order,

Ethnic Tensions, Democratic Accountability,

Bureaucracy Quality and make one index

term by PCA)

GDP GDP per capita Per capita as per constant 2010 US$ World Development Indicators

INF Inflation(GDP deflator) Annual percentage World Development Indicators

GFCF Gross fixed capital formation Percentage of GDP International monetary fund

This folder contains data used in chapter 4 of the thesis. Various data sources are used. Data on trade openness, services sector employment, education, and financial development are sourced from the World Development Indicators Database of the World Bank. The data on digital infrastructure captures Internet access, fixed telephone subscriptions (per 100 people), and mobile cellular subscriptions (per 100 people). Data on institutional quality and inflation comes World Governance Indicators and while data on International Monetary Fund (IMF) database respectively. For missing observations, besides the institutional quality variable, we impute these missing observations using their growth trend. However, for the variable of institutional quality, data points for the years 1997, 1999, and 2001 are not available. We use the averages of the two periods before and after to impute them. The final sample contains data on 45 Sub-Saharan African countries for the period 1996–2017. The analysis was implemented in stata. We use Fixed-Effects Method for the baseline estimates. Subsequently, we address endogeneity by employing the Fixed Effect IV (FEIV) method and the Lewbel (2012) Fixed Effect IV (FE-IV LB) approach.

Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase. Nigeria’s economy - a so-called “mixed economy”, which means the market economy is at least in part regulated by the state – is not entirely in bad shape, though. More than half of its GDP is generated by the services sector, namely telecommunications and finances, and the country derives a significant share of its state revenues from oil.

Because it got high

To simplify: When the inflation rate rises, so do prices, and consequently banks raise their interest rates as well to cope and maintain their profit margin. Higher interest rates often cause unemployment to rise. In certain scenarios, rising prices can also mean more panicky spending and consumption among end users, causing debt and poverty. The extreme version of this is called hyperinflation: A rapid increase of prices that is out of control and leads to bankruptcies en masse, devaluation of money and subsequently a currency reform, among other things. But does that mean that low inflation is better? Maybe, but only to a certain degree; the ECB, for example, aspires to maintain an inflation rate of about two percent so as to keep the economy stable. As soon as we reach deflation territory, however, things are starting to look grim again. The best course is a stable inflation rate, to avoid uncertainty and rash actions.

Nigeria today

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality rate, fertility rate, and the median age of the population, all point towards a bright future. Additionally, the country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.