*Figure attributed to hike in prices of bread, cereals, potatoes, yam, other tubers, meat, fish, basic necessities

Nigeria’s inflation rate has increased to 18.60 percent, its highest figure since March 2021 (18.17 percent), according to the National Bureau of Statistics (NBS).

The report stated that the figure was 0.84 percent points higher compared to the rate recorded in June 2021, which was 17.75 percent.

It attributed the increase to the prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.

Similarly, there was an increase in the prices of gas, liquid fuel, solid fuel, garments, passenger transport by road, cleaning, repair and hire of clothing and airfare.

Daily Trust reports that inflation rate has increased all over the world due to the Russia-Ukraine war that has led to rise in the prices of crude oil, grains, among others.

Experts had predicted recession in the global economy when the sanctions imposed on Russia, a leading producer and exporter of crude oil grains and fertilizer, began to take effect.

As such, the World Bank recently listed Nigeria among the top 10 countries in the world with the worst inflation rates based on 2021 figures.

In its report, the World Bank ranked Nigeria eighth on the list, with an annual inflation rate of 16.95 per cent, in a list topped by the likes of Sudan, Lebanon and Zimbabwe.

In the same vein, the International Monetary Fund (IMF) recently identified inflation, debt and forex crises to push the Nigerian economy and other African economies to the brink.