Nigeria July Inflation Accelerates to Highest in Almost 11 Years
- Inflation rate rose to 17.1% from 16.5% the month before
- Central bank to announce next policy move on Sept. 20
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Nigerian inflation accelerated for the ninth consecutive month in July, adding to pressure on the central bank to continue raising interest rates even as the economy deteriorates.
The inflation rate in West Africa’s largest economy increased to 17.1 percent from 16.5 percent in June, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Wednesday. That’s the highest rate since October 2005, according to data on the Central Bank of Nigeria’s website. The median of 16 economist estimates compiled by Bloomberg was 17.3 percent. Prices rose 1.3 percent in the month.