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Nigeria inflation quickens in April as food prices surge

Nigeria inflation quickens in April as food prices surge

NIGERIA'S annual inflation rose to 22.22% in April from 22.04% the previous month, as the price of food continued to rise, the National Bureau of Statistics said. Inflation has remained elevated in Africa's biggest economy, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades. Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.61% in April from 24.45% in March. "The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes,…
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‘Stagflation’ stalks Nigeria as food prices, unemployment soar

‘Stagflation’ stalks Nigeria as food prices, unemployment soar

CHIJIOKE OHUOCHA NIGERIAN inflation hit a four-year peak in February as food prices jumped more than 20%, heaping financial pressure on households already faced with a shrinking labour market and a stagnant economy at a time of mounting insecurity. Inflation, in double digits since 2016, reached 17.33%, driven by the impact of a coronavirus epidemic that has also induced a drop in the price of oil, Nigeria's main export, and weakened the naira currency. Tuesday's inflation reading was the highest since the 17.78% touched in February 2017. The economy was in a slump then and is teetering on the brink…
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