Business
Nigeria’s Inflation Hits New High Days To Tinubu’s Inauguration
Barely 14 days to the May 29 Swearing-in ceremony, Nigeria’s annual inflation rate rose to 22.22% in April from 22.0% a month earlier.
The National Bureau of Statistics (NBS) disclosed this in a report on Monday.
This is the fourth consecutive month in the year that the West African country’s inflation rate rose.
The rate had slowed to 21.3% in December, its first decline in 11 months, but accelerated again in the last four months.
Food inflation, which accounts for agricultural products, increased to 24.61% in April from 24.45% in the previous month, the NBS said in the report.
The rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables and spirits.
However, the overall increase in prices was largely due to the progressive hikes in electricity tariffs and energy-diesel and petrol prices.
The price of diesel oil used in heavy transport is currently 840 naira ($1.82) a litre compared with NGN350 to NGN400 a year ago.
Petrol, though currently not in short supply as at the beginning of the year, sells at filling stations run by independent marketers between NGN220 to NGN230 a litre instead of the official rate of NGN195 a litre set by the federal government.
The economic situation in Nigeria has worsened due to the shortage of US dollars to import raw materials and machine spare parts by the manufacturing sector, high unemployment and heavy borrowing by the federal government to run its budget, according to trade union groups in the country.
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