May 22, 2024

Nigeria’s Inflation Rises To Over 26%, Food, Drinks Biggest Contribution

Nigeria’s Inflation Rises To Over 26%, Food, Drinks Biggest Contribution

Nigeria’s Inflation Rises To Over 26%, Food, Drinks Biggest Contribution

 

By: JP Ashedzi

On Monday, Nigeria’s annual inflation reportedly rose from 25.8% in August to 26.72% in September, the bureau of statistics said.

Food and non alcoholic beverages were the biggest contributors to the rise in inflation, the bureau said.

President Bola Tinubu has been under pressure to ease economic hardship after scrapping a costly decades-old petrol subsidy that has tripled prices and allowed the naira to depreciate more than 50%, leading to soaring prices in Africa’s top oil producer and most populous nation.

Inflation in Africa’s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades.

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