African Central Banks may be too slow in raising interest rates, threatening their control over inflation as economic growth on the continent recovers and fuel and food prices surge, the International Monetary Fund said.

“Despite the recent up-tick in inflation, the failure of monetary authorities in most countries to demonstrate a tightening bias is cause for some concern,” the Washington-based lender said in its Regional Economic Outlook for sub-Saharan Africa.

Central banks in South Africa, Nigeria, Kenya and other African nations have slashed interest rates since 2008 after a collapse of trade following the global financial crisis. Nigeria, Kenya and Mauritius are among the few sub-Saharan African nations to have increased lending rates this year to curb price increases.

“In those countries where growth has reverted to pre- crisis levels, the monetary policy stance should commensurately revert to a more neutral stance or even be tightened to avert incipient inflationary pressures,” the IMF said.

Inflation will probably average 7.8 per cent in sub-Saharan Africa this year, up from 7.5 per cent in 2010, the report said. In oil-exporting nations, inflation may average 10.3 per cent in 2011, while in less stable countries, such as Zimbabwe and Democratic Republic of Congo, consumer prices will probably increase on average 9.1 percent, the IMF said.