Annual inflation in Nigeria hit its highest level in 28 years, 34.19%, in June, according to official data, as price pressures continue to intensify in Africa's most populous country.

Inflation in Nigeria reached its highest level in 28 years in June 2024 to stand at 34.19% against 33.95 last May, according to data published on Monday, July 15, 2024 by the National Bureau of Statistics (NBS). This rate marks a rise in inflation for the 19th consecutive month in Africa's most populous country

In an attempt to contain inflationary pressures, the Nigerian Central Bank has raised its interest rates three times since the start of the current year, while indicating that they will remain so for as long as necessary. In addition to the monetary policy instruments used by the Central Bank, the Nigerian government has tried to reduce the impact of rising prices on the population by increasing the salaries of civil servants by 25 to 35% last April and by relaunching a program of direct social transfers to