According to data published by the World of Statistics, Nigeria has been ranked 8th among the top 15 countries with the highest inflation rate in the World. According to the data, Nigeria has an inflation rate of 22.4%.
Venezuela, ranked 1st in the World has an inflation rate of 429%. Lebanon, with a 260% inflation rate was ranked second, while war-torn Syria is ranked third with a 139% inflation rate.
Others include Argentina (114%), Turkiye (39.59%), and Pakistan (38%).
Also, Egypt has an inflation rate of 32.7%, followed by Kazakhstan at 15.9%, Ukraine at 15.3%, Poland at 11.5%, Sweden at 9.7%, the UK at 8.7%, Austria at 8%, and Kenya at 7.9%.
According to the National Bureau of Statistics, Nigeria’s annual inflation rose from 22.22% in March 2023 to 22.41 in May.
Inflation has remained high in Africa’s biggest economy, eroding savings and earnings and pushing the central bank to raise interest rates to their highest level in nearly two decades.
Food inflation increased to 24.45% in March from 24.35% in February, accounting for the majority of Nigeria’s inflation basket.
High inflation, slow economic development, and pervasive insecurity are among the primary concerns of President Bola Tinubu.
