Concerns grow as Nigeria’s inflation surges to 17-year high

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Nigeria’s consumer inflation surged to 20.5% in August, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa’s largest economy. It is the seventh consecutive monthly increase in Nigeria’s inflation this year and the highest since 2005. The disruption in the supply of food products and an increase in import cost were among the main drivers of the rise in inflation, according to the Nigerian National Bureau of Statistics. Analysts also see “external shocks” from the war in Ukraine as a contributing factor to Nigeria’s growing inflation. The flour market is one of the worst-hit by rising inflation in Nigeria. Some bakeries in Nigeria are now shutting down operations amid dwindling profits.