- The National Bureau of Statistics has announced that the rate of inflation recorded between February 2021 and February 2022 rose to15.70 per cent
Inflation rate in Nigeria has been in double digits since 2016. The situation has worsened over the years due to multiple reasons like lack of economic reforms, Pandemic etc. The country has been experiencing severe fuel shortage since February after importing substandard fuel, leading to long queues in filling stations. Despite being Africa’s largest oil producer, Nigeria relies almost entirely on imported fuel due to lack of functional refineries.
The rising price of fuel and shortage has pushed the inflation. The transport cost rose, thereby impacting the overall cost of goods. Driven by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, oils and fats and fruit the food index shot up.
The National Bureau of Statistics has announced that the rate of inflation recorded between February 2021 and February 2022 rose to15.70 per cent, higher than 15.60 per cent recorded in January. Russian –Ukraine is expected to further push the inflation amid a global shortage of goods and price rise.
Read More;
https://trendsnafrica.com/fuel-shortage-hits-nigerian-airline-industry/
https://trendsnafrica.com/nigerias-gdp-registers-unexpected-growth/
https://trendsnafrica.com/nigeria-faces-steep-price-hike-of-rice/
