Nigeria inflation figure climbed to 11.44 percent in December 2018 compared with 11.28 percent in the previous month, its highest in seven months, the National Bureau of Statistics (NBS) latest report shown.
Food prices, which make up the bulk of the inflation basket, rose to 13.56 percent in December, up from 13.30 percent a month earlier.
Consumer inflation has been rising steadily since July, increasing chances that the Central Bank of Nigeria (CBN) could tighten interest rates at its first meeting of the year next week.
Consumer inflation has been rising steadily since July, increasing chances that the Central Bank of Nigeria (CBN) could tighten interest rates at its first meeting of the year next week.
The price index, which peaked at 18.7 percent in January last year, has been in double digits for three years.
In November, CBN Governor Godwin Emefiele said he expected the regulatory bank's tight monetary policy stance to continue in 2019, due to the inflation and exchange rate outlooks.
In November, CBN Governor Godwin Emefiele said he expected the regulatory bank's tight monetary policy stance to continue in 2019, due to the inflation and exchange rate outlooks.
He said the short-term outlook for the economy was good and that the country was open for foreign investors.
The bank has kept benchmark rates tight at 14 percent for more than a year to curb inflation, support the naira and attract foreign investors into the debt market.
Nigerians will vote on Feb. 16 in a presidential election. Incumbent Muhammadu Buhari is seeking a second term, campaigning on his anti-corruption record. Buhari’s record on the economy will also be closely scrutinised.
Nigeria emerged from its first recession in 25 years in 2017 but growth remains fragile, although higher oil prices and recent debt sales have helped the continent’s biggest crude producer to accrue billions of dollars in foreign reserves.
The bank has kept benchmark rates tight at 14 percent for more than a year to curb inflation, support the naira and attract foreign investors into the debt market.
Nigerians will vote on Feb. 16 in a presidential election. Incumbent Muhammadu Buhari is seeking a second term, campaigning on his anti-corruption record. Buhari’s record on the economy will also be closely scrutinised.
Nigeria emerged from its first recession in 25 years in 2017 but growth remains fragile, although higher oil prices and recent debt sales have helped the continent’s biggest crude producer to accrue billions of dollars in foreign reserves.
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