ABUJA (Reuters) – Nigeria’s inflation charge rose for the second straight month in October, advancing to 33.88% in annual phrases from 32.70% in September, information from the statistics company confirmed on Friday.
Inflation quickened sharply within the second half of final 12 months after President Bola Tinubu devalued the nation’s naira foreign money and lower subsidies to attempt to raise financial progress and shore up public funds.
It began to ease in July this 12 months because the affect of the naira devaluation started to fade, earlier than a collection of petrol worth will increase once more spurred inflationary pressures, exacerbating the worst cost-of-living disaster in many years in Africa’s most populous nation.
The central financial institution has hiked rates of interest 5 instances this 12 months to attempt to get inflation beneath management. It holds one other rate-setting assembly later this month.
