By Chijioke Ohuocha
ABUJA (Reuters) – Nigeria’s annual inflation rose to 22.22% in April from 22.04% the previous month, as the price of food continued to rise, the National Bureau of Statistics said on Monday.
Inflation has remained elevated in Africa’s biggest economy, 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 24.61% in April from 24.45% in March.
“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 …, fruits, meat, vegetable, and spirits,” the bureau said.
High inflation, weak economic growth and widespread insecurity are some of the major issues that will confront Nigeria’s new president, Bola Ahmed Tinubu who will be sworn-in this month following a disputed election in February.
The central bank is due to set interest rates next week after hiking the benchmark lending rate in March by 50 basis points to 18%, citing continued price pressures and a weakening naira currency.
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