Nigeria’s economy continues to be a cause for concern as its annual inflation rate rose to an all-time high of 24.08% in July, marking the highest level in nearly twenty years. This climb from the already concerning rate of 22.79% in June skyrockets the existing cost-of-living crisis in the nation.
According to multiple reports, this increase was reported by the Statistics agency in the Country.
This uptick in inflation seriously impacts the daily lives of Nigerian’s, further straining their purchasing power. As essential goods and services become more expensive, households struggle with increased costs, making it difficult to meet their basic needs.
This is 3 months after the inauguration of the Country’s new President.