Inflation in Nigeria soars to 17-year high 8-15-2022 |

Nigeria’s inflation rate rose last July to its highest level in 17 years, due to rising costs of bread, grain, gas and transportation costs.

And the “Bloomberg” news agency reported that the annual inflation rate in the country with the largest economy in Africa rose to 19.6%, compared to 18.6% in June, according to data published by the Office of National Statistics on its website on Monday.

This is the highest level of inflation since September 2005, and more than double the central bank’s target range ceiling of 9%.

The median estimate of seven economists in a Bloomberg survey was 19.4%.