Nigeria Inflation Hits 34.80% Amid Global Changes

Oil prices have experienced a significant rally, with Brent crude reaching over $81 per barrel, driven by U.S. sanctions on Russian oil producers and expectations of a Federal Reserve rate cut due to easing inflation. In Nigeria, inflation has risen to 34.80% in December 2024, reflecting continuous economic challenges such as currency depreciation and high energy costs. Meanwhile, U.S. inflation appears to be slowing, sparking hopes for rate cuts and boosting stock markets and bond yields. In global currency markets, the British pound has fallen sharply against the dollar, exacerbated by economic stagnation and rising government borrowing costs. Additionally, a ceasefire deal between Israel and Hamas has been agreed upon, aiming to release hostages and temporarily halt a prolonged conflict.