Economics
Nigeria February Inflation Soars to Three-Year High of 11.4%
- Economists surveyed by Bloomberg predicted inflation of 9.9%
- Central bank's naira-peg is to blame, says Capital Economics
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Nigeria’s inflation rate rose above 10 percent in February for the first time since December 2012 as food prices soared and the central bank’s capital controls pushed up import costs.
Inflation accelerated to 11.4 percent on an annualized basis from 9.6 percent in January, the National Bureau of Statistics said in a report published on Tuesday in the capital, Abuja. Food prices gained 11.4 percent in February from a year ago, up from 10.6 percent in the previous month.