Inflation rate in Nigeria surged to 17.71 per cent in May 2022, up from 16.82 per cent recorded in the previous month of April, triggered by astronomical increases in food index, Gas, Liquid fuel, Garment, Solid fuel, and others.
The trend depicts that the country’s inflationary pressures have continued to accelerate unabated despite the monetary tightening stance of the Central Bank of Nigeria (CBN), which saw the apex bank raising the benchmark lending rate to 13 per cent for the first time since September 2020.
Data released by the National Bureau of Statistics (NBS), on…
Source: Nigerian Tribune
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