Nigeria’s inflation rate climbed to a more than 28-year high in May on higher food, rent and transport prices.
Consumer prices rose an annual 33.95%, compared with 33.7% in April, the National Bureau of Statistics said in a report published on its website.
Increases in the cost of potatoes, fish and meat contributed to higher food prices. Food inflation quickened to 40.66% in May from 40.3% in April and core price growth, which excludes agricultural produces and energy, accelerated to 27% from 26.8%. An almost 70% drop in the naira against the dollar since June last year also stoked inflation.
Still, some relief may be on the horizon. The country is considering suspending import duties on certain food staples as well as drugs and other essential items for six months to slow inflation.
Also the World Bank approved a $2.25 billion package for Nigeria to stabilize the economy and scale up support to the poor and most economically at risk.
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