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LequteMan
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Nigeria's inflation rate has hit a two year record high after it climbed to 9.4 per cent in September from 9.3 per cent in August.
According to the National Bureau of Statistics, NBS, food prices surged, exceeding the Central Bank of Nigeria’s (CBN’s) target for a fourth month.
The core inflation rate, which excludes agricultural products, fell to 8.9 per cent last month from 9 per cent in August, the statistics office said. Food inflation accelerated to 10.2 per cent from 10.1 per cent.
The median estimate of 17 economists surveyed by Bloomberg was 9.5 per cent. Prices rose by 0.6 percent in the month.
A 40% reduction in revenue of crude oil has put a lot of pressure on the naira, forcing the federal government to cut cuts in order to shore up revenue.
CBN Governor Godwin Emefiele imposed foreign currency controls this year to stabilise the naira, restricting imports and adding to price pressures.
Most analysts said they expected inflation rate to increase successively over a two-month period, a trend that could worsen the negative returns on Nigerian equities.
The Nation
According to the National Bureau of Statistics, NBS, food prices surged, exceeding the Central Bank of Nigeria’s (CBN’s) target for a fourth month.
The core inflation rate, which excludes agricultural products, fell to 8.9 per cent last month from 9 per cent in August, the statistics office said. Food inflation accelerated to 10.2 per cent from 10.1 per cent.
The median estimate of 17 economists surveyed by Bloomberg was 9.5 per cent. Prices rose by 0.6 percent in the month.
A 40% reduction in revenue of crude oil has put a lot of pressure on the naira, forcing the federal government to cut cuts in order to shore up revenue.
CBN Governor Godwin Emefiele imposed foreign currency controls this year to stabilise the naira, restricting imports and adding to price pressures.
Most analysts said they expected inflation rate to increase successively over a two-month period, a trend that could worsen the negative returns on Nigerian equities.
The Nation
