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
-
Cucumbers – Making the most of them
5 hours -
Revenue growth to slowdown to GH¢209.3bn in 2025; T-bills will not be restructured – IC Research
6 hours -
Deloitte celebrates end-of-year Thanksgiving Service
6 hours -
Inflation to end 2025 between 10% and 12% – Databank Research
7 hours -
Government’s commitment to fiscal consolidation to remain strong in 2025
7 hours -
ImageBureau, April Communications take theatre to Nsawam Prisons
7 hours -
Bird flu kills 20 big cats at US animal sanctuary
7 hours -
Your peaceful conduct saved the country from tension – Clergymen commend Bawumia
7 hours -
A Nite of 1031 Laughs & Music to provide emergency insurance for patrons
7 hours -
Body found in wheel well of United plane after landing in Hawaii
8 hours -
Ghana Armed Forces dismisses viral audio alleging ammunition transfer
8 hours -
Former Hohoe MP Bernice Adiku Heloo passes on
9 hours -
CODEO calls for re-run of Ablekuma North, Dome Kwabenya parliamentary elections
10 hours -
4,155 cholera cases with 35 deaths recorded by December 23 – GHS
10 hours -
Mothers celebrate arrival of Christmas Day babies at Ridge Hospital
12 hours