Monday, May 17African Business News
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Tag: Inflation

Stagflation and how to tame Nigeria’s misery index

Stagflation and how to tame Nigeria’s misery index

Economy
The headline inflation has grown consistently in the past 15 months to hit 15.75 per cent in December. The last time the index reached and exceeded its current figure was December 2018. Unmanageable inflation growth is a challenge but just one among the red data the economy is grappling with. Unemployment (plus underemployment) also reached an all-time high of above 55.7 per cent last year just as the weak naira is crushing the purchasing power of an average citizen daily. At the same time, production continues to face a cost efficiency challenge with the government’s ability to intervene being weakened by falling revenue. The country officially announced a recession last year when the gross domestic product (GDP) plunged over six per cent. These indicators point to one worrisome ...