[emoji1184] Nigeria inflation rises to 18-year high in July as reform effects linger
Nigeria's annual inflation rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June, worsening a cost-of-living crisis in Nigeria as President Bola Tinubu's reforms continue to take effect.
Inflation in Nigeria has been in double digits since 2016, eroding savings and incomes and prompting the central bank 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 26.98% in July from 25.25% in June.
"The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs," the statistics agency said.
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