The statistics office said on Friday that Nigeria’s annual inflation rate increased to 25.8% in August from 24.08% in July as residents of Africa’s largest economy struggle with a crisis in the cost of living.
In May, President Bola Tinubu eliminated exchange restrictions and withdrew a long-standing, popular, but expensive petroleum subsidy, enticing investors. However, this has caused costs to rise dramatically for everything from food to transportation, upsetting unions who have vowed to strike.
According to government figures, the last time Nigerians saw this amount of inflation was in August 2005.
Details later…
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