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Everything you need to know about Finance and Investing in Nigeria.

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GeneralApr 16, 2024
Nigeria's Inflation Soars as Commodity Prices Remains Resistant to Decline
Nigeria's inflation surged to a 28-year peak of 33.2% in March, driven by persistent factors despite aggressive monetary policy measures. Food inflation hit 40%, placing Nigeria among the top 5 countries with the highest food inflation rates. Core inflation rose to 25.9%, fueled by increases in transport, rental, medical, and pharmaceutical costs. The MPC is expected to maintain current monetary policy as inflationary pressures persist but may slow as commodity prices respond to currency appreciation. The cost of a healthy diet surged by 9.32%, impacting households' purchasing power and well-being.
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