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Nigeria Inflation Up in January

FILE: A customer speaks with a fish seller at Mile 12 International Food market in Lagos, Nigeria. Taken May 13, 2022.

Inflation in Nigeria picked up again in January, hitting 21.82% in annual terms, driven by higher food inflation, its statistics agency said on Wednesday.

Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.32% in January from 23.75% in December.

"The contributions of items on a class basis to the increase in the headline index are: bread and cereal, actual and imputed rent, potatoes, yam and tuber, vegetable and meat," Nigeria's National Bureau of Statistics said in its inflation report.

Policymakers have linked inflationary pressures to Nigeria's infrastructure problems and the fact that a lot of items people consume are imported.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the bank will maintain a hawkish stance on rates if inflation remains elevated.

High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for legislative and presidential elections this month.