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Nigerian inflation climbs beyond 34% in June
11:24 CAT | 16 Jul 2024
File photo: Reuters
Nigeria’s annual inflation rose to a new 28-year high of 34.19% in June, official data showed on Monday, as price pressures continued to build in Africa’s most populous nation.
June marked the 19th straight month that inflation has risen, up from 33.95% in May.
Inflation has been spurred by reforms by President Bola Tinubu, chiefly slashing petrol and electricity subsidies and devaluing the naira currency twice within a year.
Source: Reuters
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