ABUJA (Reuters) – Nigeria’s inflation rate rose for the fourth straight month in December, advancing to 34.80% in annual terms from 34.60% in November, data from the statistics agency showed on Wednesday.
Inflation quickened sharply in 2023 after President Bola Tinubu devalued the local naira currency and cut subsidies to try to lift economic growth and shore up public finances.
It started to ease in July last year as the impact of the naira devaluation began to fade, before a series of petrol price increases again spurred inflationary pressures, exacerbating the worst cost-of-living crisis in decades in Africa’s most populous nation.
(Reporting by Chijioke Ohuocha and Mohd Shamsuddin; Editing by Alexander Winning)
Comments