Nigeria’s Inflation Reached 18-Year High

Nigeria's Inflation Reached 18-Year High at 25.8% in August Nigeria, Africa's largest economy, is facing a significant economic challenge as its annual inflation rate surged to an 18-year high of 25.8% in August, according to official data released. This alarming rise in prices across the board comes ahead of a crucial central bank interest rate decision later this month, putting immense pressure on policymakers to address the country's growing cost of living crisis. @Nigeria's Inflation Reached 18-Year High at 25.8% in August The Catalysts of Inflation The inflationary surge can be attributed to several factors, including: Subsidy Removal: In May, President Bola Tinubu took the bold step of removing a decades-old petrol subsidy and ending exchange controls. While these reforms aimed to streamline the economy, they resulted in a sharp spike in prices, affecting essential commodities from food to transportation