Nigeria inflation quickens to 22.04% in March

Nigeria inflation quickens to 22.04% in March

LAGOS – Nigeria’s annual inflation accelerated to 22.04% in March from 21.91% in the earlier month, its bureau of statistics stated on Saturday.

Inflation has remained elevated in Africa’s greatest economic system, eroding financial savings and incomes, and prompting the central financial institution to hike rates of interest to their highest degree in practically twenty years.

Meals inflation, which accounts for the majority of Nigeria’s inflation basket, rose to 24.45% in March from 24.35% in February.

Excessive inflation, weak financial progress and widespread insecurity are a number of the main points that can confront Nigeria’s new president, who will likely be sworn-in subsequent month following a disputed election in February.

The central financial institution final month hiked its predominant lending fee by 50 foundation factors to 18%, citing continued worth pressures and a weakening naira forex.

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