Cost of Gas & Food Drives Nigeria’s Inflation to 8-Month High of 16.82%

Nigeria’s inflation rose to an eight-month high in April as the cost of gas and food items such as bread and cereals climbed on the back of surging global commodity prices. 

Annual food inflation accelerated to 18.4% from 17.2% in March. The surge sent the headline rate to 16.8%, according to data released on the National Bureau of Statistics. That’s the highest level since August.

Annual core inflation accelerated to 14.2%, compared with 13.9% in the prior month driven by gas and liquid fuel costs. Prices climbed 1.76% against the previous month.

The price of diesel, used to power generators by most businesses in Nigeria, has more than doubled in the past month.

Elsewhere, Ghana’s inflation rate climbed to the highest level in more than 18 years in April, jumping to 23.6% from a previous 19.4% in March. This is the highest rate since January 2004.

See Also:

Ghana’s Economy Buckles Under 18-Year High Inflation Rate of 23.6%