Food inflation is particulary high, the National Bureau of Statistics said
Audio By Carbonatix
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 by 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.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
New York Times executive fatally shot allegedly by elderly in-laws
2 hours -
Teacher Payment Crisis: GES races to protect academic calendar
2 hours -
US prosecutors reopen case of alleged gang rape at Cornell University
2 hours -
Journalist to be crowned king in Uganda after bitter succession dispute
2 hours -
OpenAI scraps rollout of new model over safety concerns
2 hours -
Nigerian attempts to break world record by dancing non-stop for seven days
3 hours -
GES urges government agencies to end blame game over teacher payments
4 hours -
GES sets Oct. 5 deadline to resolve teachers’ payment dispute
5 hours -
GES working around the clock to get teachers back to class, says Daniel Fenyi
5 hours -
French PM warns against escalation of school protests after 164 arrested
5 hours -
UK tries to stop Trump’s diesel export ban
6 hours -
Late Olise goal gives France win over Belgium
6 hours -
Mancini enjoys first win since return as Italy boss
6 hours -
Interest payments to average a high 20% of government revenue over next 4 years
6 hours -
Anthropic warns AI may pose ‘existential risks to humanity’ in IPO filing
6 hours