On May 29, Nigeria’s president Bola Ahmed Tinubu announced the removal of fuel subsidy after being sworn in as the nation’s fifth leader in its fourth republic.
Two weeks after the removal, it was also announced that the naira had been floated. This meant that the exchange rate had been liberalised and the value of the naira would now be determined by market forces, specifically the supply and demand dynamics in the foreign exchange market.
Since the government made these two major decisions, however, there has been a rise in petrol and import costs.
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Apart from this, Nigeria is also facing a severe inflation surge, with the National Bureau of Statistics (NBS) showing rates reaching 24.08 percent at the end of July 2023.
Rather alarmingly, experts have predicted an average inflation rate of 25.1 percent for 2023, prompting concerns for economic stability and household budgets.
Inflation, as measured by the Consumer Price Index (CPI), reflects the annual percentage change in the cost to the average consumer of acquiring goods and services that may be fixed or changed at specified intervals.
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Table Showing Inflation Rate From 1999 to 2022. Credit: Macrotrends
As Nigeria braces itself for further inflation surge in the coming months, the table above shows the average yearly inflation rate experienced by Nigerians between 1999 and 2022.
The post How Nigeria’s Inflation Rate Flew From 6.62 to 24.08 Percent appeared first on Foundation For Investigative Journalism.