Nigeria Inflation at 18-Year High Raises Pressure for Rate Hike
- Annual inflation quickened to 26.7%; median est. was 27.1%
- Surge may prompt central bank to hike for ninth time in row
A customer carries containers of fuel from a gas station in Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s inflation rate jumped for a ninth straight month in September on rising transport and food prices, and may prompt policymakers at the central bank to hike borrowing costs at its next meeting.
Consumer prices rose 26.7% year-on-year, compared with 25.8% in August, according to data published on the National Bureau of Statistics’ website on Monday. That’s the fastest pace since August 2005, though below the 27.1% median estimate of six economists in a Bloomberg survey. Prices rose 2.1% in the month.