The World Bank has ranked Nigeria among the top 10 countries with the worst inflation rates in the globe. In its newest report which was based on 2021 figures, Nigeria was listed eighth with an annual inflation rate of 16.95 %.
However, the latest data from the Nigeria Bureau of Statistics revealed that the country’s inflation jumped to 18.6 % in June.
To confirm the present precarious economic situation of countries in Africa, 6 out of the 10 countries on the list are from Africa.
Other countries in the top 10 are – Sudan (382.82 %), Lebanon (154.76 %), Zimbabwe (98.55 percent), Suriname (59.11 %), Ethiopia (26.83 %), Zambia (22.02 %), Turkey (19.59%), Haiti (16.84 %) and Guinea (12.59 %).
According to the World Bank, the inflation rate listing was stopped by countries like Sudan, Lebanon, and Zimbabwe. Inflation measures the rate of increase in the cost of goods and services in a country at a given point in time.
The world is presently battling with high commodity prices, leading to unprecedented inflation rates across many economies in the world, mainly due to the surge in energy prices, and supply shocks, among other factors.
Inflation has been on the top agenda in nations across the world since 2021. But, the war between Ukraine and Russia has made things worse for nearly every country on the planet.
