World Bank ranks Nigeria 8th among countries with worst inflation rates

The World Bank has listed Nigeria among the top 10 countries with the worst inflation rates in the world.

In its latest report which was based on 2021 figures and seen by Ripples Nigeria on Saturday, Nigeria was ranked eighth with an annual inflation rate of 16.95 percent.

However, the latest data from the Nigeria Bureau of Statistics showed that the country’s inflation jumped to 18.6 percent in June.

To confirm the present precarious economic situation of countries in Africa, six out of the 10 countries on the list are from the continent.

Other countries in the top 10 are – Sudan (382.82 percent), Lebanon (154.76 percent), Zimbabwe (98.55 percent), Suriname (59.11 percent), Ethiopia (26.83 percent), Zambia (22.02 percent), Turkey (19.59), Haiti (16.84 percent) and Guinea (12.59 percent).

According to the World Bank, the inflation rate ranking was stopped by the likes of Sudan, Lebanon, and Zimbabwe.

READ ALSO:Rewane projects Nigeria’s headline inflation to hit 44.51%

Inflation measures the rate of increase in the prices of goods and services in a country at a given point in time.

The world is currently battling with high commodity prices, leading to unprecedented inflation rates across most economies in the world, largely due to the surge in energy prices, and supply shocks, among other factors.

Inflation has been on the top of the agenda in countries across the world since 2021.

However, the war between Ukraine and Russia has made things worse for nearly every country on the planet.

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