Everyone has their story.
Eggs. International flight tickets. Paint.
Everyone has that product whose price increase they use to encapsulate Nigeria’s recent inflation. Although Nigeria’s history is, in the words of Friedrich Hayek, a history of inflation, recent price increases seem particularly excessive.
Key takeaways
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Nigerians have been reeling from double-digit inflation, with October 2022 inflation at 21.09%, the highest in seventeen years.
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However, the global inflation crisis also affects developed countries and regions like the US and Europe.
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In fact, data from the IMF suggests that price acceleration in developed nations is relatively worse than in third-world nations like Nigeria.
Border closures, a global pandemic, global supply chain disruptions, severe floods, and the Russian invasion of Ukraine have all contributed to unprecedented domestic and global inflation—or, the perception of it, at least.
How accurate is this perception, and just how bad is inflation in Nigeria?
Nigeria’s inflation is really bad…
At face value, the
