Nigeria’s annual inflation rate quickened for the first time in a year in March, official data showed this Wednesday.
Headline consumer inflation rose to 15.38% year-on-year, up from 15.06% in February, the National Bureau of Statistics said.
Food inflation, typically the main driver of the headline rate, was at 14.31% year-on-year in March, up from 12.12% in February.
Nigeria’s Finance Minister Wale Edun this week warned of intensifying inflationary pressures in Africa’s most populous nation as the Iran war has triggered a sharp increase in domestic fuel costs.
Inflation had declined for 11 straight months up to February, helped by tight monetary policy, exchange rate stability and enhanced food supply.
But the Middle East conflict has disrupted that trend, in a headache for President Bola Tinubu’s government ahead of national elections scheduled for January next year.
–Reuters–
