Nigeria’s inflation rate in the month of July 2022 rose to 19.64% compared to 18.6% recorded in the previous month.
Controlling Nigeria’s rising rate of population growth has been suggested as a possible panacea to the country's high inflationary pressure.
The world is currently battling with high inflation rate with countries on the African continent printing record high inflation rate in 2022.
Nigeria’s inflation rate in the month of June 2022, surged further to 18.6% compared to 17.71% recorded in the previous month.
The World Bank has listed Nigeria amongst the top 10 countries in the world with the worst inflation rate, based on 2021 figures.
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Higher inflation means price increases for energy products are alarming and present significant challenges to Nigerian households and businesses.
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High inflation basically erodes the purchasing power of the citizens and affects all areas of one’s spending.
Canada's annual inflation rate skyrocketed to 7.7% in May 2022, the highest since January 1983.
