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
-
Sports facilities are better managed by institutions – UG Sports Director on maintenance of Legon stadium
16 mins -
Ghanaian businesses must align vision with strategy to mitigate ESG Risks – KPMG
27 mins -
MTN achieves 30% localisation of Scancom PLC
27 mins -
Attorney-General: Some lawyers sacrifice ethics for ‘cheap’ political gains
39 mins -
Bond market: Volume up by 12.45% to GH¢746m
40 mins -
Cedi records year-to-date loss of nearly 29%; one dollar going for GH¢17.10
48 mins -
‘Our priorities are wrong in Ghana’ – UG Sports Director on sports development
48 mins -
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
1 hour -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
2 hours -
Plantain chips are breaking hearts in Africa
2 hours -
61 new architects acquire state license to practice in Ghana
2 hours -
Masloc CEO honoured as capacity building Shero of the Year
2 hours -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
3 hours -
Today’s front pages: Tuesday, November 5, 2024
3 hours -
Galamsey: Investigation into attack on Joy News’ Erastus Asare and colleagues already growing cold
3 hours