Nigeria’s inflation climbs to 27-year high
Nigeria witnessed its highest inflation rate in over 27 years in December, intensifying a cost-of-living crisis and heightening pressure on the central bank to implement interest rate hikes.
The National Bureau of Statistics reported that consumer inflation rose for the 12th consecutive month to 28.92% year on year, the highest since mid-1996.
The surge was driven by a 33.93% increase in food inflation, impacting various items like bread, cereals, oil, fish, meat, fruit, and eggs.
Analysts attribute the rise to increased fuel prices and the depreciation of the Naira currency.
The Central Bank of Nigeria’s (CBN) next meeting by end of the first quarter is scheduled to address the inflationary challenge.
However, concerns persist that inadequate actions by the CBN may undermine the policy momentum initiated by President Tinubu’s economic reforms in 2023.
