This week, the United States and Nigeria will unveil their inflation rates for July 2024, sparking keen interest in the economic trends of both nations.
The US inflation rate has been on a downward trajectory, declining to 3% in June 2024 from 3.3% in May 2024, with a surprise 0.1% drop in the Consumer Price Index (CPI) – the first decline since May 2020.
In stark contrast, Nigeria’s inflation rate has continued to soar since December 2022, reaching a staggering 34.19% in June 2024, according to the National Bureau of Statistics. Food inflation has also refused to ease, hitting 40.87% in June 2024. The removal of fuel subsidies and the floating of the Naira in June last year have exacerbated the cost of living crisis, sparking widespread protests against economic hardship.
The #Endbadgovernance protests, which took place from August 1 to 10, 2024, highlighted the growing discontent among Nigerians. As the country awaits the latest inflation figures, all eyes will be on the government’s response to the economic challenges facing the nation. Will the upcoming inflation data reveal a glimmer of hope, or will it confirm the fears of a worsening economic crisis?
