Nigeria’s inflation reaches record high of 22.41%

Food and non-alcoholic beverages pushed up inflation in Africa’s biggest oil producer, Nigeria.

The Country’s National Bureau of Statistics said inflation reached 22.41% in May- the highest it has been in two decades.

It is a news which the new administration is Nigeria will be worried about as it seeks to get to grips with a struggling economy and huge public debt.

The latest date is a 0.19 percentage point increase from the 22.22 per cent recorded in April, when inflation rose to a new 18-year high.

According to the statistics body, year-on-year inflation rose by 4.70 per cent from the 17.71 per cent it was in May 2022.

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