Nigeria's consumer inflation at highest in more than five years - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

[File Photo]: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022.[File Photo]: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022.

Food prices, a major headline component for Nigerian inflation, were up 20.6% year-on-year in June. Core inflation, which excludes prices of farm produce, was up 2.66 percentage points to 15.75% during the period. Inflation, at its highest since January 2017, and the state of the economy are major issues for voters as the country heads for a national election in February, when incumbent President Muhammadu Buhari will step down.

“The combined effect of power costs, exchange rate depreciation and money supply saturation is manifesting in a spiralling inflationary cycle,” Financial Derivatives Company said in a note to clients.

Africa is a land of fools. Nigeria is the 9th world largest oil exporter yet they buy diesel at an insanely exorbitant price

MYANC government you sold out our people, you became greedy.PhalaPhalaFarmGate RamaphosaMustGo 31Questions GlencoreCorruption bosasa moneylaundering Kidnapping torturing GBV bribe VoetsekSAMedia PresidentProtector MarikanaMassacre CyrilRamaphosa BorisJohnson

Nigeria is useless country ever since Fulani Government took over in uniform of uncle Bubu government. We are BIAFRA NATIONS Not Gowogeria. FREE MNK

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