Nigerian inflation accelerates in April as food prices rise.

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The National Bureau of Statistics said that Nigeria’s annual inflation jumped to 22.22% in April, up from 22.04% the previous month, as food prices continued to rise.

In Africa’s largest economy, inflation has remained high, eroding savings and earnings and pushing the central bank to raise interest rates to their highest level in nearly two decades. Food inflation, which makes up the majority of Nigeria’s inflation basket, increased to 24.61% in April from 24.45% in March.

High inflation, slow economic growth, and pervasive insecurity will be among the primary concerns confronting Nigeria’s next president, Bola Ahmed Tinubu, who will be sworn in this month following a contested election in February.

The central bank is expected 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.

Reuters.

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