Nigeria inflation quickens to 22.04% in March

April 15, 2023 10:16 PM AEST | By Reuters
Follow us on Google News:
Image source: Reuters

LAGOS (Reuters) - Nigeria's annual inflation accelerated to 22.04% in March from 21.91% in the previous month, its bureau of statistics said on Saturday.

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 24.45% in March from 24.35% in February.

High inflation, weak economic growth and widespread insecurity are some of the major issues that will confront Nigeria's new president, who will be sworn-in next month following a disputed election in February.

The central bank last month hiked its main lending rate by 50 basis points to 18%, citing continued price pressures and a weakening naira currency.

(Reporting by MacDonald Dzirutwe; Editing by Jan Harvey and Alex Richardson)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK