Cost of food, transportation, services climb as Nigeria’s inflation hits record 26.72 per cent

Prices of food, goods, transportation and other services continue to rise at record level as Nigeria’s inflation rate rose to 27.72%, the worst in the history of the country in about two decades. The new leadership in the country has been charged to find a lasting solution to the economic crisis which has been made worse by the high cost of petrol following the recent removal of fuel subsidies by the government…

Nigeria’s annual inflation increased in September to its highest level in about twenty years at 26.72%, as Nigeria continues to struggle with a worsening cost-of-living crisis.

The September inflation rate made it a ninth straight month from August’s 25.8%, the National Bureau of Statistics (NBS) announced.

Food inflation, making up the bulk of Nigeria’s inflation basket, rose to 30.64% in September from 29.34% in August.

The NBS blamed the soaring food inflation on the prices of oil and fat, bread and cereals, potatoes, Yam and other tubers, fish, fruit, Meat, vegetables and milk, cheese, and eggs.

The Nigerian President, Bola Ahmed Tinubu, has been under pressure to alleviate the economic hardship facing the country after he ended a decades-old petrol subsidy that tripled costs and caused the naira to fall by more than 50%, sending prices soaring in Africa’s top oil producer and most populous nation.

Recall that the Labour union in Nigeria has embarked on already suspended strikes and protests on what it described as the anti-people policies of the current administration.

The protests were to demand a change to all anti-poor policies of the federal government.

The policies include the recent hike in fuel price, increase in public school fees, the release of the eight months withheld salary of university lecturers and workers.

Also, the union demanded an upward review of the minimum wage.