ABUJA (Reuters) -Nigeria’s inflation rate rose in September for the first time in three months, advancing to 32.70% in annual terms from 32.15% in August, data from the statistics agency showed on Tuesday.
Analysts had said the inflation slowdown seen in July and August could be short-lived, after three petrol price increases since early September that have roiled citizens already grappling with the worst cost-of-living crisis in a generation.
President Bola Tinubu’s government has removed a decades-old fuel subsidy and devalued the naira currency in an effort to lift economic growth and shore up public finances in Africa’s most populous nation.
But those reforms have also sent inflation soaring, prompting five interest rate hikes from the central bank so far this year.
(Reporting by Elisha Bala-Gbogbo in Abuja and Shamsuddin Mohd in BengaluruEditing by Andrew Heavens and Alexander Winning)
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