President Bola Tinubu is under pressure to ease economic hardship
Nigeria’s annual inflation rose to 26. 72% in September from 25. 8% in August, its statistics showed on Monday.
Food and non-alcoholic beverages were the main participants in inflation, the bureau said.
President Bola Tinubu has been under pressure to ease economic woes after scrapping a costly, decades-old oil subsidy that tripled costs and allowed the naira to depreciate by more than 50%, sending costs soaring in Africa’s largest producer of smart oil and most populous country.
Inflation in Africa’s largest economy has hit double digits since 2016, eroding income and savings and prompting the central bank to raise interest rates to their level in just two decades. (Reporting via Elisha Bala-Gbogbo; editing by Tothrough Chopra)
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