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The Conversation
Danny Bradlow, SARCHI Professor of International Development Law and African Economic Relations, University of Pretoria

Three reasons why the US Federal Reserve Bank holds the world in its hands

United States US Federal Reserve Inflation Africa Ethiopia Euro Ghana Interest Rates Malawi Nigeria
A trader at a fresh food market in Nakuru Town. in Kenya. Food inflation has hit double digit figures. Photo by James Wakibia/SOPA Images/LightRocket via Getty Images

Inflation is a global problem. At the end of August, it was 8.3% in the US and 9.1% in the Euro area. It is 20.3% in Nigeria, 25% in Malawi, and over 30% in Ethiopia and Ghana.

The impact on Africa is devastating. The International Energy Agency estimates that by the end of the year 30 million more Africans will be unable to afford fuel for cooking. The World Bank estimates the number of Africans living in extreme poverty will increase from 424 million in 2019 to 463 million this year.

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