The inflation rate in Nigeria spiked to 19.64 per cent in July 2022, the highest rate recorded in 17 years of the nation’s history.
The sharp increase was fuelled by the galloping price of food items as a result of hike in transportation fares and the disruptions of food supply chains due to the ongoing war between Ukraine and Russia.
Data released by the National Bureau of Statistics (NBS), on Monday, indicates that the rise in July’s Headline inflation rate on a month-on-month basis shows a 1.817 per cent increase, higher than 18.62 per cent recorded in the previous month of June 2022.
The Headline inflation for July 2022 was 19.64 per cent on a year-on-year basis, which…
Source: Nigerian Tribune
