Annual inflation in Nigeria increased to 22.04% in March, up from 21.91% the previous month, according to figures issued by the country’s Bureau of Statistics on Saturday.
In Africa’s biggest economy, inflation has remained high, eating away at people’s savings and earnings. As a consequence, the central bank boosted interest rates to their highest level in over two decades.
Food inflation, which accounts for the bulk of Nigeria’s total inflation basket, rose to 24.45% in March from 24.35% in February.
After being elected in a disputed election in February, Nigeria’s new president will be sworn in the following month. High inflation, weak economic progress, and widespread insecurity are among the most critical difficulties he will confront.
As a consequence of persistent price pressures and a weakening naira, the central bank raised its main lending rate by 50 basis points at the end of the previous month to 18 percent.
