Nigeria's Inflation Rate Increases

ABUJA (Reuters) – Nigeria's inflation rate rose for the second consecutive month in October, reaching 33.88% annually, up from 32.70% in September, according to data from the statistics agency released on Friday.

Inflation sharply intensified in the second half of last year after President Bola Tinubu devalued the naira and reduced subsidies to stimulate economic growth and improve public finances.

It showed signs of easing in July this year as the effects of the naira devaluation began to diminish; however, subsequent increases in fuel prices reignited inflationary pressures, worsening the ongoing cost-of-living crisis in Africa's most populous nation.

To combat inflation, the central bank has raised interest rates five times this year. Another rate-setting meeting is scheduled for later this month.