Surprise Inflation Uptick Adds to Nigeria’s Woes Before Election
- Consumer prices rose 21.8% in January; median est. was 21.3%
- Africa’s most populace nation to hold elections Feb. 25
An informal street vendor carries bread and food items on her head in Lagos, Nigeria.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Nigerian inflation unexpectedly quickened at the fastest pace in almost two decades, adding to pressure on businesses and consumers before next week’s presidential election.
The inflation rate rose to 21.8% in January from 21.3% a month earlier and was the highest since September 2005, according to data published on the National Bureau of Statistics’ website on Wednesday. The median estimate of nine economists in a Bloomberg survey was 21.3%.