Nigerian inflation surges past 34% in June

Nigeria's annual inflation rate soared to a 28-year high of 34.19 per cent in June, according to official data released on Monday. This marks the 19th consecutive month of rising inflation, up from 33.95 per cent in May. The surge is largely attributed to reforms by President Bola Tinubu, including significant cuts to petrol and electricity subsidies and two devaluations of the naira within the past year.