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Nigeria Inflation at Eight-Month High as Bread, Gas Costs Soar

  • Consumer prices rose 16.8% in April; estimate was 16.4%
  • Central bank policy committee forecast to hold rate on May 24
A market in Lagos, Nigeria.

A market in Lagos, Nigeria.

Photographer: Damilola Onafuwa/Bloomberg

Nigerian inflation accelerated to an eight-month high in April as the cost of gas and food items such as bread and cereals climbed on the back of surging global commodity prices. 

Annual food inflation accelerated to 18.4% from 17.2% in March. The surge sent the headline rate to 16.8%, according to data released on the National Bureau of Statistics’ website on Monday. That’s the highest level since August and exceeds the median estimate of 16.4% by four economists in a Bloomberg survey.