Nigeria’s June inflation rate is the highest among top African economies, the World Economic Outlook released by the International Monetary Fund (IMF) in July said.
Data showed that Nigeria, the fourth largest economy in Africa, has the highest inflation rate (34.19%) among its peers.
Morocco, ranked as the sixth largest African economy, has the lowest inflation rate of 1.8% in June.
South Africa, the largest economy in Africa, has an inflation rate of 5.1% at the end of the first half of 2024.
Nigeria, Africa’s largest oil producer, is currently contending with a record high inflation rate at 34.19 per cent in June 2024 due to the two-time devaluation of the naira and removal of petrol subsidy by the current administration.
The inflationary trends have raised Nigeria’s interest rates by a combined 800 basis points from 18.75 per cent last July to 26.75 per cent as the central bank continues to deploy monetary tools to restore the battered economy.
Food inflation, which constitutes the largest percentage of the headline inflation, is currently 40.87. The cost of energy, transportation and basic commodities have skyrocketed in the last one year, making life difficult for the masses.
The National Bureau of Statistics (NBS), the country’s statistics agency, will release the inflation rate for July on Thursday.
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