Nigeria’s inflation rate surged by 1.29% points in July 2023 to reach 24.08%, compared to 22.79% in the preceding month, June. This is according to the National Bureau of Statistics (NBS) in its latest Inflation and Consumer Price Index report. The rise in inflation can be attributed to the drastic impact of the removal of petroleum subsidies and the consolidation of the official currency rate, which affected the price of fuel, transportation, and the general prices of goods and services in the Nigerian economy.
August 25, 2023
Nigeria Economic Update (Issue 32)
Related
Nigeria Economic Review (First Half Report 2014)
Globally,
advanced economies showed strong signs of recovery during 2014H1 despite the
adverse effect of the severe winter (especially on the United States economy)
while economic activities slowed and growth was below projection in emerging
and developing economies.