The West African CFA franc is the currency used by eight independent states in West Africa—Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo, which form a monetary union. Since 1999, the CFA has been strictly pegged to the euro (before which it was aligned to the French Franc) and is issued by the West African Central Bank. Go to World Economic Outlook database

(accessible directly or through www.imf.org) and compare the inflation rate (average consumer price) for the Sub-Saharan group of countries with the inflation rate of the countries mentioned in this problem. Summarize your observations. How would you explain it?