High Inflation Persists as Nigeria Enters New Year
The country is battling its highest inflation rates in nearly two decades. The latest data, from the National Bureau of Statistics, put November's headline inflation at a staggering 28.2 percent.
Nigeria's inflation rate entered the double-digit zone in 2016, and has remained stubbornly high since January 2021. It surged to 22.41 percent in May, with food being the biggest driver, and then soared to 28.2 percent in November.
The consumer price index, a main gauge of inflation, jumped about 6.73 percentage points from the 21.47 percent posted in November 2022.
The effects go beyond the statistics, penetrating the daily lives of Nigerians who find themselves navigating increasingly higher cost of living.
Some say the situation has been made worse by ambitious policies and reforms embarked upon by the government.
Some of these policies have provoked criticisms, with many Nigerians calling for "sequencing of reforms" and a few short-lived nationwide strikes protesting economic hardship.
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