Based on data from 2021, the World Bank ranked Nigeria in the top 10 nations with the worst inflation rate.
With an annual inflation rate of 16.95 percent, Nigeria came in at number eight on the list, behind countries like Sudan, Lebanon, and Zimbabwe.
The World Bank estimates that in 2021, the consumer price index, which is used to measure worldwide inflation, increased to 3.42 percent from the 1.92 percent recorded the year before, marking the rate’s highest level in nine years. It is noteworthy that six of the 10 nations with the highest inflation rates are from the continent of Africa.
Inflation measures the rate of increase in the price 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, and supply shocks amongst other factors.
Guinea is ranked number 10 with an inflation rate of 12.59 per cent from 10.6% recorded in the previous year. This is also the highest inflation rate recorded by the country since 2012 when its inflation rate topped 15.2%.
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Meanwhile, recent data shows that Guinea’s inflation rate dropped to 10.99% in April 2022.
Haiti ranked nine with an annual inflation rate that stood at 16.84% in 2021, a significant decline compared to 22.79% recorded in the previous year.
Haiti’s inflation rate climbed further in February 2022 to 25.17%, from 23.95% recorded in January.
Nigeria is at number with inflation rate at 16.95% in 2021 from 13.25% recorded in the previous year.
Nigeria’s inflation rate accelerated to 17.71% in May 2022 from 16.82% recorded in the previous month. The National Bureau of Statistics (NBS) is set to release the inflation figures for the month of June 2022 on Friday, 15th July 2022.
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Sudan is number one, recording the worst inflation rate in the world in 2021 with 382.82%, a multiple of the 150.32% recorded in the previous year. Sudan’s inflation rate has decreased to 220.7% in April 2022 from 263.2% recorded in the month of March 2022.
Lebanon trailed second with 154.76%, followed by Zimbabwe with 98.55% and then Suriname at the 4th position with 59.11% inflation rate.
Ethiopia is fifth with 26.83% inflation rate, while Zambia and Turkey are 6th and 7th with an inflation rate of 22.02% and 19.59% respectively.