Nigeria inflation rises to 22.04% in March

Nigeria’s annual inflation accelerated to 22.04 per cent in March from 21.91 per cent 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 of Nigeria (CBN) 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 per cent in March from 24.35 per cent 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 per cent, citing continued price pressures and a weakening naira currency.