Nigeria’s galloping inflation has been described as ‘crazy’ and very disturbing by an economist.
The economist, Paul Alaje was a guest on a televised programme on Friday.
The talk of hunger has been on the lips of many Nigerians grappling with economic pressure in the aftermath of the removal of petrol subsidy and naira devaluation. The #EndBadGovernance nationwide protest earlier in August has hunger as a major talking point.
According to a recent report by the National Bureau of Statistics (NBS), Nigeria’s inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024.
On a year-on-year basis, the rate was 9.32% points higher than in July 2023, when it was at 24.08%.
The Bureau also said food inflation rate stood at 39.53% for July 2024, on a year-on-year basis, an increase of 12.55 percentage points compared to the 26.98% recorded in July 2023.
Skyrocketing prices for items such as semovita, yam flour, and wheat flour drove the rise in inflation.
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