Nigerians know too well, that sinking feeling when the standard household shopping list cannot be covered by the regular budget. The options are either to cut down or do without some basic items, or alternatively, make do with less preferred but cheaper substitutes.

Inflation in Nigeria  surged to 16.5 percent  last month -- its highest level in more than decade -- as prices of imported food and energy jumped after the government stopped propping up the currency, the National Bureau of Statistics said Monday.

The Bureau of Statistics had in April reported that price index, which measures inflation, had maintained strong increase for three consecutive months, beginning from January.

Unless there is a fusion of monetary and fiscal policies, the push to tame the twin challenge of inflation and exchange rate volatility may remain efforts in futility, experts have said.

Still, even with unprecedented stimulus, the bank only expects inflation to rise to 1.6 percent in 2018, a figure Constancio said may be too pessimistic given some measures that have yet to be implemented.

Inflation in Nigeria rose to a more than six-year high in May, hitting 15.6 percent, the National Bureau of Statistics said on Tuesday.

Neither the CBN rate nor the interbank rate is a realistic naira exchange rate that will bring about macroeconomic stability to catalyse productivity and inclusive economic growth.

Job losses loom as a consequence of the current galloping inflation in the country, financial experts yesterday warned the Federal Government.

Britain's annual inflation rate languished at a record-low of zero in March, as falling clothing and gas prices were offset by gains for other products, official data showed Tuesday.