Word Bank reveals Nigeria’s inflation rate may be among the world’s highest in 2022.
According to the World Bank, Nigeria might have one of the highest inflation rates in the world by 2022, with rising prices reducing the welfare of Nigerian households.
Nigeria is expected to have one of the highest inflation rates in the world in 2022, and the seventh-highest among Sub-Saharan African nations, according to the World Bank.
“In 2022, Nigeria is expected to have one of the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa,” it said.
The bank stated this in its Nigeria Development Update for the November edition.
High inflation, according to the international financial institution, hinders the country’s efforts to revive its economy and erodes the purchasing power of the most vulnerable households.
The document read in part, “High inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households. In the absence of measures to contain inflation, rising prices will continue to diminish the welfare of Nigerian households.”
The bank also mentioned the negative implications of inflation in Nigeria, which include pushing eight million Nigerians into poverty and disrupting consumption, investment, and saving decisions, among other things.