FILE: A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS
Nigeria’s inflation soars to its highest in nearly 30 years
Nigeria’s inflation rate surged further in January and reached almost 30% in annual terms, data from the National Bureau of Statistics showed Thursday.
The reading showed the acceleration was fueled by a rise in food costs and the fall of the country’s naira currency to record lows.
It is the first time that inflation has hit those levels in Africa’s biggest economy since mid-1996, eroding incomes and savings, and worsening a cost-living-crisis.
The food and non-alcoholic beverages category was the biggest driver of inflation in January in annual terms.
Food inflation rose to 35.41% in January, up from 33.93% in December.
