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Africa Live: Nigeria inflation hits highest rate in nearly 30 years - BBC News Africa Live: Nigeria inflation hits highest rate in nearly 30 years - BBC News
(32 minutes later)
Nkechi Ogbonna That's all from the BBC Africa Live team until Tuesday morning. To keep up with news from the continent, visit the BBC Africa webpage.
West Africa business journalist, BBC News And if audio is your thing, have a listen to the BBC's Focus on Africa and Africa Daily podcasts.
Nigeria's annual inflation rate has reached its highest level in nearly three decades. A reminder of Monday's wise words:
The rate jumped to 33.2% in March, according to the A frog does not jump backwards."
National Bureau of Statistics, (NBS). Click here to send us your African proverbs.
This is up 1.5% from February. We leave you with this joyful image of Kenya's Hellen Obiri, moments after she claimed her second women's title at the Boston Marathon.
Food remains the main driver of inflation,
owing to the rising cost of commodities including bread, grains, dairy, eggs,
meat and vegetable oil.
Rising energy costs also contributed, with many manufacturers paying a premium to power their production lines and transport goods within the country.
The naira, Nigeria's local currency, had strengthened, but this improvement is yet to be reflected in the prices of goods and services.
The naira significantly gained against the US dollar after falling
to a record low of 1,825 naira to $1(£0.80) over a month ago, a depreciation of almost 70%.
The Central Bank had increased borrowing rates twice in the last
two months to shrink access to capital and curb inflation, but these
gains are also yet to be felt.
Africa's largest economy is facing an intense economic slump that has forced people into poverty.
Two weeks ago, in a bid to reduce electricity subsidy payments and
increase government savings, the ministers increased electricity tariffs by
over 300% for consumers who use relatively large amonuts of energy, like businesses and households in high-end neighbourhoods.
However, some Nigerians who don't fall into these categories have complained that their bills have also gone up.
Many Nigerians are struggling to manage shrinking purchasing power and eroded
savings, but the government has said its economic measures and policies will help stabilise the economy eventually.
The naira now exchanges at 1,140 to $1.
Related stories:
Nigerians turn to 'throw-away' rice amid steep cost of living
Why Nigeria's economy is in such a mess
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