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Nigeria Inflation Quickens 1st Time in 19 Months on Food Prices
LAGOS (Capital Markets in Africa) – Nigeria’s inflation rate rose the first time in 19 months as food-price growth picked up.
The annual rate rose to 11.2 percent in August from 11.1 percent in July, Statistician-General Yemi Kale said in a report on Twitter Friday. Prices increased 1.1 percent in the month.
The pick-up in price growth may bring interest-rate increases by the central bank closer. It’s scheduled to announce its next policy decision on Sept. 25. The Monetary Policy Committee is “in the mood” for tightening and will raise its key rate if inflation doesn’t slow, Deputy Governor Joseph Nnanna said last month.
Food inflation quickened to 13.2 percent from 12.9 percent the previous month, driven by potatoes, bread and cereals and fish prices, according to the report.
Inflation has been above the upper end of authorities target range of 6 percent to 9 percent for more than three years. The central bank sees price pressures from an increase in election-related spending and disbursements from this year’s budget of 9.1 trillion ($25 billion). Nigeria plans to hold elections in February.