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June 29, 2022

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Nigeria’s inflation rises to more than 27-year

Abuja: Reuters, Africas, News Desk

Nigeria’s inflation rate rose to its highest in more than 27 years in December as food prices surged, exacerbating a cost-of-living crisis and piling more pressure on the central bank to raise interest rates. In addition, Consumer inflation rose for the 12th straight month in December to 28.92% year on year from November’s 28.20%, the National Bureau of Statistics said on Monday. However, Inflation in Africa’s biggest economy and most populous nation has not climbed this high since mid-1996.

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