Nigeria Suffers its Highest Inflation in nearly 30 Years

Nigeria’s ever rising inflation has worsened, reaching its highest level in almost three decades. Quoting the National Bureau of Statistics, the West African country’s official statistical agency, the report states that, in March, Nigeria’s inflation rate rose to 33.2%, sliding a further 1.5% from the preceding month. The inflation rate is primarily driven by the runaway cost of food, including bread, eggs, rice, and dairy. Another contributing factor is the rising cost of energy with manufacturers using a large part of their expenses on power, given the country’s challenges with the same.

SOURCE: REUTERS