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Nigerian Inflation Accelerates for 11th Month in September

  • Inflation rate rose to 17.9% from 17.6% the previous month
  • Interest rates kept at nine-year high of 14% in October
Updated on

Nigerian inflation accelerated for the 11th consecutive month in September as food prices rose, strengthening the case for the central bank to maintain a tight monetary stance even as the economy is contracting.

The inflation rate in Africa’s most populous country increased to 17.9 percent from 17.6 percent in August, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Friday. Prices rose 0.8 percent from the previous month, compared with 1% from July to August. The median of 15 economist estimates compiled by Bloomberg was for an increase to 18 percent.