Thursday, June 15, 2023

Inflation rises to 22.41% in Nigeria

Nigeria's annual inflation rose to 22.41% in May on a year-on-year basis from 22.22% in the previous month, its bureau of statistics said on Thursday.

Food and non alcoholic beverages were the biggest drivers of inflation, the bureau 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.

On Wednesday, the central bank moved to liberalize foreign exchange trading, capping a dramatic day that saw the official naira rate devalued by more than a third.

By MacDonald Dzirutwe, Reuters

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