Nigeria’s inflation jumps to 27-year high

0

Inflation in Nigeria has risen to its highest rate in more than 27 years.

The National Bureau of Statistics said the rate that prices were increasing over the year was up for the 12th straight month. On average, the price of goods has risen to just under 29% compared to a year ago.

The statistics office said the rise in the cost of basic foodstuffs, including bread, fruit and eggs, was even higher.

Analysts say higher fuel prices and a weaker currency – the naira – have also contributed to the rise.

When he took office last May, President Bola Tinubu immediately embarked on a series of bold economic reforms. He scrapped a costly but popular fuel subsidy and devalued the currency to try to revive growth.

LEAVE A REPLY

Please enter your comment!
Please enter your name here