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Unlike the United States which has witnessed consumer prices coming down from a peak of 9.1% in June 2022, Nigeria’s inflation remains hot, stubborn, and unyielding. The current annual inflation rate for Africa’s largest economy stands at a whopping 22.8 % – its highest since September 2005. With the inflation beast drawing strength from rising food prices, transportation, and import costs, it is forecast to tick even higher for July.
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