Nigeria's annual inflation reaches its highest point in almost 18 years

 

Nigeria's annual inflation reached its highest point in almost 18 years in July, hitting 24.08% compared to June's 22.79%. 

This escalation worsened the cost-of-living crisis in Nigeria, a result of President Bola Tinubu's ongoing reforms. 

Inflation in Nigeria has remained in the double digits since 2016, causing savings and incomes to dwindle and leading the central bank to raise interest rates to their highest level in almost two decades. 

Food inflation, which is a significant part of Nigeria's inflation measurement, climbed to 26.98% in July from June's 25.25%. The rise was attributed to increased prices in various food items, including oil and fat, bread and cereals, fish, potatoes, yam, fruits, meat, vegetables, milk, cheese, and eggs, according to the statistics agency.