1 min read
Overview
Nigeria has experienced a significant uptick in inflation which surged to a three-decade high of 33.95%, according to the latest data from the Nigerian Bureau of Statistics (NBS). Food inflation rose to 40.66%, while core inflation reached 27.04%. Inflation in May 2024 was largely driven by the increase in food and beverages coupled with energy and housing costs.
The persistent upward trend in inflation underscores the intricate interplay of various economic factors including fiscal policies, monetary policies, exchange rates, and international trade dynamics.
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