Nigeria’s Inflation Hits 15.92% As Food, Energy Prices Soar

Nigeria’s consumer price inflation rose in March amid soaring food prices, the National Bureau of Statistics (NBS) said in its report Friday.

The consumer price index (CPI), which measures inflation, increased to 15.92 percent in March from 15.70 percent recorded in February. It is the highest rate in five months.

The increase was recorded against the backdrop of increase in prices of gas, bread, cereals, liquid fuel and other food products.

In recent weeks, Nigeria suffered incessant grid collapse which disrupted electricity supply and forced many businesses and households to spend more on alternative energy sources.

In the same vein, widespread insecurity especially in northern Nigeria has continued to threaten Nigeria’s food production and supply chains.

-Premium Times