Nigeria Inflation Hits 18-Year High, Puts Rate Hike on Table
- Annual inflation accelerated to 27.3%; median est. was 27.7%
- Central bank expected to deliver rate decision next week
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Nigerian inflation quickened to a new 18-year high in October as higher input costs and a weaker naira sent food and goods prices soaring, adding pressure on the central bank to raise interest rates.
Consumer prices rose 27.3% from the prior year, compared with 26.7% in September, according to data published on Wednesday on the National Bureau of Statistics’ website. The median of 10 estimates in a Bloomberg survey of economists was 27.7%. Prices rose 1.7% in the month.