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Nigeria/Inflation upBack
[Published: Saturday April 20 2024]

 Nigeria’s inflation is rising rapidly

ABUJA , 20 April. - (ANA)  - Nigeria’s inflation rose to 33.2% in March, the government’s statistics agency said, continuing a months-long trend of successive price increases in the country. 
The new data comes even as the central bank has implemented monetary tightening measures in recent weeks, raising the main lending rate by 600 basis points. 
Food inflation hit 40% for the first time, as the effects of rising petrol prices since the removal of a subsidy last year remain strong in the cost of transportation. 
The central bank has tried to counter the high cost of imports caused by dollar shortages by selling dollars to local money changers, a move that has helped to strengthen the naira against the dollar.   - (ANA) -
AB/ANA/20 April 2024 - - -

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