The National Bureau of Statistics, NBS, has reported that Nigeria’s inflation has hit an all-time high within the last three years to 14.89%. The latest report published shows that the rate increased by 0.66 points higher from October to November.
There are several factors that could have influenced the inflation within the country, such as the initial border closure, followed by the pandemic which crashed the price of crude oil sending the nation’s economy into a downward spiral.
Although several attempts have been made to salvage the flailing economy, the Naira is yet to steady. The prices of food have continued to follow an upward trend as the food index rose by 0.92% points between October and November this year.
Both the CBN Governor and Minister of Finance and Budget Planning have predicted that the inflation will subside within the first half of 2021, but as the second wave of the coronavirus sets in, it looks more unlikely.
