Reported about 1 year ago
Nigeria's inflation rate reached a more than 28-year peak in May, with annual consumer prices rising by 33.95%, driven by increased costs of food, rent, and transportation. Food inflation rose to 40.66%, while core price growth accelerated to 27%. The country is considering suspending import duties on essential items for six months to curb inflation, and the World Bank approved a $2.25 billion package to stabilize the economy. Bloomberg Economics projects inflation peaking at about 35% before gradually decreasing to around 32% by year-end, and forecasts the rate-hiking cycle to end in July after the central bank raised interest rates by 14.75 percentage points since May 2022 to 26.25% to combat inflation.
Source: YAHOO