[ad_1]
- Inflation around the world is causing massive shocks around the world, especially in Africa
- Currently, Nigeria’s inflation rate stands at 21.91 percent but is far from being the worst in Africa
- A new report has revealed a list of ten countries with the worst inflation rate in Africa
According to the National Bureau of Statistics’ latest report, Nigeria’s inflation rate rose by 0.09 percentage points to 21.91 percent in February 2023 from 21.82 percent in January 2023.
The inflation rate for February 2023 highlights the increasing financial strain on Nigerians every month.
This has been exacerbated by the challenges of getting cash, compounding the daily pressure that households are facing.
Credit: NBS
Source: Facebook
How inflation affects you
IMF defines inflation as the measure of how much more expensive a set of goods and services has become over a certain period.
One of the damages caused by inflation is the erosion of incomes, forcing individuals to double their efforts to meet escalating costs of goods and services.
African countries’ inflation rate
While Nigeria’s inflation rate for February 2023 is the highest the country has faced in more than 17 years, new data shows that the situation is even worse for citizens of other countries.
African countries such as Zimbabwe, Sudan, and Ghana lead the list with the worst inflation rate, followed by Sierra Leone, Ethiopia, Egypt, South Sudan, Rwanda, Burundi, and Malawi.
Top 10 inflation rate in Africa
- Zimbabwe- 92.8%
- Sudan- 83.6%
- Ghana- 52.8%
- Sierra Leone- 38.48%
- Ethiopia- 32.0%
- Egypt- 31.9%
- South Sudan- 31.3%
- Rwanda- 30.3%
- Burundi- 28.62%
- Malawi- 25.9%
Experts predict Tinubu’s first week in office
Meanwhile, in another report, an expert has revealed that Bola Ahmed Tinubu will make a major decision in his first week in office
Tinubu reportedly scored the majority votes and met the 25% constitutional requirement to be declared the winner of the tightest election in Nigeria’s history.
During the heated campaign season, the Nigerian government, via the Central Bank of Nigeria (CBN), embarked on a cashless policy aimed at reining in cash outside the banking system in Nigeria.
Source: Legit.ng
[ad_2]
Source link