Infaltion

Due to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing […]