WRITTEN BY: CHIOMA MADONNA NDUKWU
Nigeria experienced a significant surge in inflation, hitting 27.33% in October 2023, primarily due to a sharp increase in food prices.
Factors contributing to this include policies such as removing petrol subsidies and currency depreciation. The government and the Central Bank responded with measures like raising the lending rate and declaring a State of Emergency on food insecurity. Despite some moderation in the month-on-month inflation rate, the situation highlights the necessity for ongoing comprehensive efforts to stabilize the economy and alleviate the hardships faced by the people.
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