The Presidency says the high inflation in the country is a world-wide problem which no nation is immune to following the global economic downturn and the COVID-19 pandemic.
Garba Shehu, Senior Special Assistant, Media and Publicity to the President the inflation levels were boosted across the world due to the COVID-19 lockdowns with severe impact on national economies due to the dislocation of manufacturing and supply chains. This, according to him, is what led to the rise in prices of those goods reaching the market.
Mallam Garba Shehu further said that France, which enjoyed a stable average inflationary regime of 4.1 percent from 1960-2022 is today reporting price increases of up to 1,080.36 per cent. According to him, at 10.1 percent, UK inflation is at a 41-year high. Ghana’s inflation rate has hit a two-decade high of 54.1 per cent before a recent decrease.
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He maintained that the war in Ukraine had since translated into a sky rocketing of foodstuff prices leading to fear of famine in many countries.
He also added that while Nigeria’s reported inflation rate of 22 per cent is undoubtedly high and worrisome, it would be incorrect to suggest that the Buhari administration is not making efforts to address the volatile global cost of living crisis. He affirmed that the administration had consistently prioritised efforts to control inflation and would continue to do so.
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