Nigeria's inflation rate rose to a 28-year high of 33.95% in May, according to official statistics, Voice of America reported Monday.

    The country's inflation rate has been rising for 18 consecutive months, with the May inflation rate higher than the previous month's 33.69 percent. Government reforms have cut subsidies for petrol and electricity and led to two sharp devaluations of the naira, Nigeria's currency, in a year. And Nigerian unions say the reforms have hurt the poor, pushing millions into the worst inflation crisis in decades.

    The statistics suggest that food and non-alcoholic beverages continued to be the biggest contributors to inflation in May. Food inflation, which accounts for most of Nigeria's inflation, rose to 40.66% from 40.53% in the previous month. High food prices and weak naira are the main drivers of inflation in Nigeria. In response to rising inflation, the central bank of Nigeria announced a third interest rate increase in May this year, and the governor said that if necessary, interest rates will remain high to reduce inflation.

    Nigeria's biggest union has gone on strike amid record inflation, demanding wage increases amid the worst cost-of-living crisis in decades. Causing the country to grind to a halt, power cuts and the closure of major airports.

    "We demand a living wage," the Nigerian Labour Congress said on X, describing their current income as a "hunger wage." It and unions represent hundreds of thousands of government workers in key sectors. The union wants an increase in the minimum monthly wage.

    In this reminder, especially in the current devaluation of the country's currency, high inflation, importers under cost pressure, it is possible to pit suppliers, so the recent shipment of the country's shippers, do a good job of risk control, beware of destination buyers abandon goods, do not pay and other risks, so as to avoid the loss of money and goods.