Economy
Poverty deepens as Nigeria’s inflation exceeds World Bank’s estimates

In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual,’ the global bank projected that Nigeria’s inflation rate was going to be higher than it had anticipated and would hit 15.5 per cent.
However, the latest figures from Nigeria’s National Bureau of Statistics, released on Friday, showed that Nigeria’s inflation hit 18.60 per cent in June, the highest since January 2017 when it was 18.72 per cent.
“This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021). Increases were recorded in all COICOP divisions that yielded the Headline index.
In May, the CBN raised the nation’s interest rate from 11.5 per cent to 13 per cent in a bid to address the rising prices in the nation. The CBN Governor, Godwin Emefiele, disclosed that the Monetary Policy Committee had to increase the monetary policy rate by 150 basis points to prevent inflation.
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