Nigeria consumer inflation at 24.08% y/y in July – stats office

ABUJA (Reuters) – Nigeria’s annual inflation rose to 24.08% in July from 22.79% in June, its bureau of statistics said on Tuesday.

Inflation in Africa’s biggest economy has been in double-digits since 2016, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades.

In the boldest reforms seen in years, President Bola Tinubu scrapped a popular but costly petrol subsidy, causing prices to triple, and ended restrictions on foreign exchange trading, which has weakened the naira more than 40%.

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