IMF says Nigeria’s inflation index weights and basket are extremely outdated and do not provide a true representative of expenditure patterns. The IMF’s warning comes at a critical time for Nigeria, which is battling high inflation rates and a struggling economy. The country has been experiencing inflationary pressure for the past few years, with the inflation rate exceeding the Central Bank of Nigeria’s target range of 6% to 9% for the past 6 years. A release from January 2023 revealed that the headline inflation rate had risen to 21.8%, a 6.2% increase from a year ago.
Source : Africa Business Insider
