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…
Follow us on:
IGP Egbetokun has ordered an investigation into Jimoh Abdulquadri’s death in police custody, promising justice…
Donald Trump has rejected suggestions that Elon Musk is the true influence behind the newly…
Tiger Woods' son Charlie has achieved his first golf hole-in-one during the final round of…
New Zealand has rejected the Cook Islands’ proposal for a separate passport, requiring full independence…
Honda and Nissan plan a merger to create the world’s third-largest automaker, aiming to finalise…
Trump has selected ex-bank president Mauricio Claver-Carone as Latin America envoy, despite past misconduct allegations…