Nigeria’s inflation rate hits decade-high at 19.64%

By Zion Rufus

Amidst surging food prices and inflationary pressures, Nigeria’s inflation rate has hit a record high at 19.64%, a whopping 3.72% increase from March.

It should be recalled that the inflation rate shot up to 15.92% in March of 2022, the highest price hike since October 2021, with prices of most commodities soaring. Cost of food increased 17.20%; prices of imported food rose 17.56 percent year-on-year in March, accelerating from a 17.48 percent advance in February, according to data shared by the National Bureau of Statistics (NBS), Nigeria.

Amidst the Central Bank of Nigeria’s effort to curb soaring prices, and the war in Ukraine currently fueling higher inflation and financial crisis across the globe, the Global Economic Prospects report from the World Bank has revealed that the global inflation is expected to moderate in 2023, but will likely remain above inflation targets in many economies.



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