W/Bank lists Nigeria among top 10 countries with worst inflation rate

The World Bank recently listed Nigeria among the top 10 countries in the world with the worst inflation rates based on 2021 figures.

Nigeria ranks eighth on the list, with an annual inflation rate of 16.95 per cent, in a list topped by the likes of Sudan, Lebanon and Zimbabwe.

Inflation measures the rate of increase in the prices of goods and services in a country at a given point in time. The world is currently battling with high commodity prices, leading to unprecedented inflation rates across most economies in the world, largely due to the surge in energy prices, supply shocks, among other factors.

Inflation has been top on the agenda of countries across the world since 2021. However, the war between Ukraine and Russia has made things worse for nearly every country.

According to the World Bank, the global inflation rate, measured by the consumer price index rose to 3.42 per cent in 2021, from 1.92 per cent recorded in the previous year, hitting its highest level in nine years.

It is worth noting that of the 10 countries with the highest inflation rate, six of them are from the African continent.

The top 10 countries in the world with the highest inflation rate in 2021 are Guinea – 12.59 per cent, Haiti – 16.84 per cent, Nigeria – 16.95 per cent, Turkey – 19.59 per cent,  Zambia – 22.02 per cent, Ethiopia – 26.83 per cent, Suriname – 59.11 per cent, Zimbabwe – 98.55 per cent, Lebanon – 154.76 per cent and  Sudan – 382.82 per cent.