Nigeria’s inflation rate increased for the second month in a row in October, reaching 33.88% compared to 32.70% in September, according to data released by the statistics agency.
The rise in inflation began last year after President Bola Tinubu made economic changes like devaluing the naira currency and removing subsidies to help the country’s finances and growth.
Although inflation slowed down earlier this year as the effect of the naira devaluation weakened, it picked up again due to rising petrol prices.
This has worsened the cost-of-living crisis in Nigeria, which is the worst in decades.
In response, Nigeria’s central bank has raised interest rates five times this year and will meet again later this month to discuss further actions 【Reuters】.
https://www.reuters.com/world/africa/nigeria-inflation-rises-second-month-october-2024-11-15