Rising food and energy costs combined with currency depreciation has pushed Nigeria’s inflation rate to the highest point in 18 years.
Inflation rate, which stood at 22.41 per cent in May, rose for the sixth consecutive month to around 24 per cent in June, according to average projection by many analysts.
Economic intelligence reports by many economic and finance firms yesterday indicated that inflation rate had risen further as Nigerians grapple with continuing food shortage, amid rising energy costs and decline in value of naira.
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