Inflation and the Nigerian economy (part 2)

The US Federal Reserve has decided to keep its benchmark interest rate steady at 5.25 to 5.50 percent. Fed Chairman Jerome Powell said while inflation has eased significantly over the past year, it's still too high, and that while wage growth has slowed down, the labour market remains tight.

The devaluation of the naira against the dollar has plunged Nigerians into a deep socio-economic depression. The price of basic foodstuffs can double or even triple in the same day.

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