Nigerian Inflation at 17-Year High Points to Rate Hike
- Consumer prices climbed 20.5% in August, matching median est.
- Inflation at more than double central bank’s 9% ceiling
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Nigeria’s inflation rate hit a fresh 17-year high in August, placing renewed pressure on the central bank to increase interest rates.
Annual inflation quickened to 20.5% in Africa’s biggest economy, compared with 19.6% in July, according to data released by the National Bureau of Statistics on its website on Thursday. That’s the highest level since September 2005 and is more than double the 9% ceiling that the central bank targets. It matched the median estimate of six economists in a Bloomberg survey.