Nigeria's annual inflation rate hit a 28-year high of 33.95% in May due to rising food costs.
Nigeria's annual inflation rate reached a 28-year high of 33.95% in May, driven by increasing food costs. Food inflation surged to 40.66% year-on-year, pushing the overall inflation to 20.52% in April 2022. The Central Bank of Nigeria has been working to manage inflation and stabilize the economy, but the persistent rise in food prices continues to pose a challenge.
June 15, 2024
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