FRCN HQ
Business Headline News Nigeria

World Bank ranks Nigeria among 10 countries with worst inflation

Photo: Nairametrics

The World Bank has listed Nigeria amongst the top 10 countries in the world with the worst inflation rate, based on 2021 figures.

Nigeria ranks 8th on the list with an annual inflation rate of 16.95%, a list topped by the likes of Sudan, Lebanon and Zimbabwe, Nairametrics reports.

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

Of the 10 countries with the highest inflation rate, 6 are in Africa.

Inflation measures the rate of increase in the price of goods and services in a country at a specific time.

Meanwhile, the ongoing war between Ukraine and Russia has been referred to as a major factor for global inflation as it has affected virtually every country, Nigeria included.

According to Nairametrics, the top 10 countries with the highest inflation rate in 2021 are: Guinea (12.59%), Haiti (16.84%), Nigeria (16.95%), Turkey (19.59%), Zambia (22.02%).

Others are; Ethiopia (26.83%), Suriname (59.11%), Zimbabwe (98.55%), Lebanon (154.76%), Sudan (382.82%).

Writing by Muzha Kucha; Editing by Tony Okerafor