A surge in food prices in Nigeria this week presents a challenge to the optimistic tone the authorities are trying to strike on the inflation outlook. To contain these inflation risks for good, the government will need to recommit to its wider structural reform agenda. Meanwhile, Kenya’s staff-level agreement with the IMF and the recent budget suggest that fiscal consolidation efforts will be stepped up, although protests are an ongoing risk. Finally, in South Africa the ANC reached an agreement for a government of national unity with the DA and some smaller parties which, while likely to be fragile, improves the prospects for fiscal and growth-enhancing reforms.
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