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Nigeria Faces Economic Strain as January Inflation Hits 29.90% and Food Costs Soar 🇳🇬 📈
#economy
#food
#economic risk
#economics and country risk
#Food
Amidst soaring inflation at 29.90%, Nigerians grapple with surging food costs, prompting economic concerns. As the Central Bank considers drastic measures, including potential interest rate hikes, the nation awaits solutions to ease the financial strain on households.
In January 2024, Nigeria experiences a surge in headline inflation, reaching 29.90%, impacting households and raising concerns about the Central Bank's inflation-targeting strategy. Food prices, including staples like bread and yam, witness a sharp increase, with food inflation soaring to 35.41%. As the Central Bank contemplates interest rate hikes, the Federal Government explores unconventional measures, such as the proposed National Commodity Board, to tackle the escalating food inflation crisis.
#NigeriaEconomy #InflationCrisis**
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