Food price rises pushed Nigeria’s annual inflation rate up to 22.22% in April, from 22.04% in March, according to the National Bureau of Statistics.
In Africa’s biggest economy, chronically rising inflation has eroded people’s capacity to save and spend money, prompting the central bank to hike interest rates to their highest level in more than two decades.
Food prices account for the bulk of Nigeria’s inflation basket, and they increased to 24.61% in April from 24.45% in March.
Food inflation increased year after year due to price increases for basics such as oil and fat, bread, and milk.
Cereals, fish, potatoes, yam…, fruits, meat, vegetables, and alcoholic drinks were all suggested by the agency.
After a difficult election in February, Nigeria’s incoming president, Bola Ahmed Tinubu, will take office this month. High inflation, limited economic progress, and widespread insecurity are among the numerous issues he will tackle.
The central bank is set to hike interest rates next week after raising the benchmark lending rate by 50 basis points to 18% in March due to ongoing price pressures and a weaker naira.
