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
-
Mbappe goes joint-fifth in the list as real Madrid beat Inter Milan
15 minutes -
Police arrest suspects over murder, bank robberies, gold-related attacks
23 minutes -
Pragyia rider gets three months prison term for biting Police Assistant
33 minutes -
Palm wine tapper jailed for stabbing farmer
44 minutes -
Travel and tour agent remanded over GH¢107,000 recruitment scam
54 minutes -
Taxi rank executives arrested over alleged attempted murder
1 hour -
Galamsey operator who posed as pastor to defile student jailed 15 years
1 hour -
Court sentences pub owner, shop attendant for selling expired food, sanitary offences
2 hours -
Mac Allister ‘sad’ at no Liverpool contract offer
2 hours -
Ghana pays $3.5m to University of Memphis over scholarship debt
2 hours -
Fidelity Bank champions value chain approach to unlock Ghana’s agricultural potential
2 hours -
People don’t remember style of play – GFA Comms Director defends Quieroz appointment
2 hours -
Finance Ministry needs ‘refresher course’ in own records over GES recruitment – Adutwum’s spokesperson
3 hours -
Techiman 24-hour market project on course as Regional Minister inspects work, hails construction quality
3 hours -
Bono East Regional Fire Command engages master artisans in fire safety drive
3 hours