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Economics

Nigerian Inflation Rate Climbs for 15th Month in January

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  • Food inflation accelerated to 17.8% from 17.4% in December
  • Inflation rate of 18.7% highest since September 2005

Nigeria’s inflation rate climbed for a 15th consecutive month in January even as the central bank kept borrowing costs at a record high to control price growth.

Inflation in Africa’s most-populous nation quickened to 18.7 percent from 18.6 percent in December, according to an e-mailed statement from the Abuja-based National Bureau of Statistics. That’s the highest rate since September 2005, according to central bank data. The median of 18 economists in a Bloomberg survey was for the rate to stay unchanged. Prices rose 1 percent in the month.