Following a release from the National Bureau of Statistics on the inflation in the country, Analysts in the financial sector have projected a further pressure on inflation rate in November 2022.
According to the statistics released by the Analysts, the inflation rate in the country in November 2022 will increase to Twenty-One Point Five Percent, an increase to the Twenty-One Point Zero-Five Percent in October 2022.
The Analysts cited, rising cost of energy, flooding, which affected many food producing states, coupled with the depreciating naira and rising airfare prices as the reason for the rise inflation.
The Minister of Finance, Zainab Ahmed says the federal government will end petrol subsidy payments by June 2023. She made the claim on Tuesday during a press conference to mark the end of the 28th National Economic Summit (NES) in Abuja.
She added that the petrol subsidy removal is part of the federal government’s medium-term plan in the budget. She, however, said that the challenge is how to go about removing the subsidy.
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