By Agency Report
People buy and sell vegetables at Mile 12 International Market in Lagos
People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. Picture taken May 13, 2022. REUTERS/Temilade Adelaja/File Photo Acquire Licensing Rights
ABUJA, Oct 16 (Reuters) – Nigeria’s annual inflation rose to 26.72% in September from 25.8% in August, its bureau of statistics said on Monday.
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.
Reporting by Elisha Bala-Gbogbo; Editing by Toby Chopra.
NB: culled from Reuters
