August 25, 2023

Nigeria Economic Update (Issue 32)

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.

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