Food inflation is particulary high, the National Bureau of Statistics said
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.
Latest Stories
-
German-based Kanzlsperger makes medical donation to WAFA
18 mins -
It could take over 100 years for Ghana and other African countries to become ‘developed’ – Report
20 mins -
AEC 2024 renews momentum to lift Africa out of poverty despite global shocks
44 mins -
Can RFK Jr make America’s diet healthy again?
46 mins -
Maiden Women in Chemical Sciences conference opens with a call for empowerment
3 hours -
We’ll reclaim all Groupe Nduom stolen assets – Nduom declares
3 hours -
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
12 hours -
Asantehene receives 28 looted artefacts
13 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
14 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
14 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
14 hours -
Government is “suppressing information” about power sector challenges – IES Director
14 hours -
Majority of our debts caused by forex shortfall – ECG Boss
15 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
15 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
15 hours