Nigeria's Inflation Accelerates to Highest Level Since 2012
- December year-on-year CPI accelerated by 9.6 percent
- Rate above central bank's target range of 6-9 percent
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Nigeria’s inflation rate accelerated to a three-year high in December as food prices rose in Africa’s biggest economy and oil producer.
The consumer price index increased by 9.6 percent on an annualized basis, compared with 9.4 percent in November, the Abuja-based National Bureau of Statistics said in a report published on Sunday. Food price inflation climbed to 10.6 percent from 10.3 percent.