Nigeria inflation soars to record 18-year of 25.8% as costs of living bite

Inflation rate in Nigeria soared to a record 18-year of 25.8% as the most populous nation in Africa struggles with rising costs of living ahead of a central bank interest rate decision later this month.

President Bola Tinubu ended popular but costly fuel subsidy and exchange controls in May, causing price increases ranging from food to transportation fees and infuriating unions who have threatened strikes.

According to the National Bureau of Statistics (NBS), August inflation increased for the eighth consecutive month from 24.08% in July, worsening a cost-of-living crisis exacerbated by Tinubu’s policies.

Official figures showed that the last time Nigerians experienced this amount of inflation was in August 2005.

Food inflation, which accounts for the majority of Nigeria’s inflation basket, increased to 29.34% in August from 26.98% in July, according to the NBS, as staple prices climbed.

Recall that in recent times the Labour union in Nigeria held a two-day warning strike and protest on what it described as the anti-people policies of the current administration.

The protest was due to demand a change to all anti-poor policies of the federal government.

The policies include the recent hike in fuel price, increase in public school fees, the release of the eight months withheld salary of university lecturers and workers.

Also, the union demanded an upward review of the minimum wage.