Nigerian Inflation Reaches 17-year High

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Inflation in Nigeria has reached its highest level since 2005, at 19.64% compared to 18.6% in June, according to the National Bureau of Statistics (NBS).

Food inflation was also up to 22.02% in July compared to 20.6% in June.

The cause of the surge is due to rising bread, transport, petrol and grain costs, according to business website Bloomberg News.

The figures show inflation in Nigeria continues to supersede the central bank’s target of 9%.

A rise in inflation means the cost of everyday living gets more expensive.

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