Nigeria inflation quickens to 22.04% in March

Nigeria’s annual inflation accelerated to 22.04% in March from 21.91% in the previous month, the National Bureau of Statistics said on Saturday.

Inflation has remained elevated in Africa’s biggest economy, eroding savings and incomes, and prompting the Central Bank of Nigeria 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 24.45% in March from 24.35% in February.

High inflation, weak economic growth and widespread insecurity are some of the major issues that will confront Nigeria’s new president, who will be sworn-in next month.

The CBN last month hiked its main lending rate by 50 basis points to 18%, citing continued price pressures and a weakening naira currency. (Reuters)