INFLATION IN THE NIGERIAN ECONOMY
Abstract
Nigeria, as Africa's largest economy, and in recent years, Nigeria has experienced fluctuating inflation rates, reaching a 28-year high of 28.9% in December 2023, primarily driven by rising energy prices following the removal (and later partial reinstatement) of a fuel subsidy, and escalating food costs (Sheidu, 2023). Inflation is the sustained increase in the general price level of goods and services in an economy over a period, has profound implications for economic stability and growth (Dean, 2023).
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