Nigeria’s Inflation Rises for Second Consecutive Month

• Nigeria’s Inflation Rises for Second Consecutive Month

Prices of goods and services rose for a second consecutive month in September following 18 months of a downward trend.

The Consumer Price Index, which measures inflation rate, climbed by 11.28 percent year-on-year in September, up 0.05 percent higher than the 11.23 percent recorded in August.

On a monthly basis, the headline index rose by 0.84 percent in September, down by 0.21 percent from the 1.05 percent filed in August.

The Central Bank of Nigeria led Monetary Policy Committee first predicted the increase in July, saying election spending and 2018 budget implementation will bolster inflation rate towards the end of the year.

Therefore, the committee is likely to hike the interest rate in the fourth quarter to curb interest rates and sustain capital importation amid rising interest rates in developed economies.