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By Chijioke Ohuocha
ABUJA, May 15 (Reuters) - Nigeria's annual inflation
rose to 22.22% in April from 22.04% the previous month, as the
price of food continued to rise, the National Bureau of
Statistics said on Monday.
Inflation has remained elevated in Africa's biggest economy,
eroding savings and incomes, and prompting the central bank to
hike interest rates to their highest level in nearly two
decades.
Food inflation, which accounts for the bulk of Nigeria's
inflation basket, rose to 24.61% in April from 24.45% in March.
"The rise in food inflation on a year-on-year basis was
caused by increases in prices of oil and fat, bread and
cereals, fish, potatoes, yam ..., fruits, meat, vegetable, and
spirits," the bureau said.
High inflation, weak economic growth and widespread
insecurity are some of the major issues that will confront
Nigeria's new president, Bola Ahmed Tinubu who will be sworn-in
this month following a disputed election in February.
The central bank is due to set interest rates next week
after hiking the benchmark lending rate in March by 50 basis
points to 18%, citing continued price pressures and a weakening
naira currency.
(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon and
Sharon Singleton)
Reuters Messaging: chijioke.ohuocha.thomsonreuters@reuters.net))
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