Inflation: Nigeria, Hit by 24.08% of Inflation Amid Forex Scarcity

The country’s inflation rate jumped in July 2023 amid forex scarcity and soaring food prices occasioned by the removal of petrol subsidy by President Bola Ahmed Tinubu.

The July 2023 rate showed an increase of 1.29% points when compared to the previous month’s which was 22.79%, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) report recently released.

The interest rate increase occurred amid soaring food prices and the rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit (PMS) known as petrol with the price per liter jumping from N184 to about N600, more than a 200% hike.

Nigerians are facing tough times to meet up with providing themselves with a basic source of livelihood.

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