By Melvin Onwubuke
Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
According to Reuters, consumer inflation rose for the 13th straight month in January to 29.9% Year on Year (YoY) from December’s 28.92% data from the National Bureau of Statistics shows.
Some economist believe, this data may convince the Central Bank of Nigeria to raise the interest rate, when it meets later in the month.
Meanwhile, Nigeria is the most populous nation in Africa, with the biggest economy as well; and it is interesting to note that, inflation has never risen so high since mid-1996, which has made life more difficult for the citizens.
Food and non alcoholic beverages was the biggest driver of inflation in January, in terms of annual terms according to National Bureau of Statistics data.
