Nigerians continue to feel the pinch of President Bola Tinubu’s major decisions – scrapping the petrol subsidy and relaxing foreign exchange restrictions – as inflation climbed more than anticipated to a near 28-year high in January.
Inflation in the West African nation rose to 29.9 percent last month, up from 28.9 percent in December, the National Bureau of Statistics (NBS) said on Thursday.
Tinubu’s policies caused transport costs to almost triple and pushed up food costs. Discontent over the high living cost has triggered protests in several cities recently.
Food inflation also spiked to 35.4 percent, from 33.93 per cent in December 2023. A rise in food costs has been the main driver of inflation.
The inflation jolt adds to the mounting pressure on the central bank’s monetary policy committee to sharply raise interest rates. The committee will meet on February 26–27, its first meeting since Yemi Cardoso was appointed to head the bank.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
