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.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
