The United States and Nigeria will be releasing their inflation figure for July 2024 on Wednesday and Thursday, this week. Recall that the US inflation figure had declined to 3 percent in June 2024 from 3.3 percent in May 2024. This is as the US Consumer Price Index, CPI in June unexpectedly declined 0.
1 percent, the first fall since May 2020, data from the Department of Labour showed. The inflation cooled ahead of the Federal Reserve cut in September. Meanwhile, Nigeria's inflation has continued to soar since December 2022 when it stood at 21.34 percent. The National Bureau of Statistics June's consumer price index and inflation rose to 34.19 percent.
Similarly, the country's food inflation had refused to ease, which rose to 40.87 percent in June 2024. This comes on the back of President Bola Ahmed Tinubu's twin policies of fuel subsidy removal and Naira floating in June last year. The development has worsened the cost of living among Nigerians. Consequently, DAILY POST recalls that Nigerians protested against economic hardship from August 1 to 10th 2024, tagged #Endbadgovernance protests.
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