Investing.com - Financial Markets Worldwide

UPDATE 2-Nigerian annual inflation hits near two-year high in January

Published 18/02/2020, 09:39
© Reuters. UPDATE 2-Nigerian annual inflation hits near two-year high in January

(Adds details, alters headline)
LONDON, Feb 18 (Reuters) - Annual inflation in Nigeria rose
in January to its highest level in nearly two years, data
released on Tuesday by the country's National Bureau of
Statistics showed, as prices increased across all categories
measured.
Inflation stood at 12.13% in January, compared with 11.98%
in December, marking the fifth straight month of increases.
Nigeria closed parts of its borders in August to fight
smuggling of rice and other goods, but economists say the move
has driven inflation. In October, the head of customs confirmed
that all trade in goods via land borders had been halted
indefinitely.
The consumer inflation rate in January was the highest
since April 2018, when it stood at 12.48%. Inflation had dropped
to its lowest in almost four years in August but has risen
steadily in the wake of the border closures.
A separate food price index showed inflation at 14.85% in
January, compared with 14.67% in the previous month.
"This rise in the food index was caused by increases in
prices of bread and cereals, meat, oils and fats, potatoes, yam
and other tubers and fish," the statistics office said in its
report.
The central bank has said it expects to keep monetary policy
tight in 2020 to combat inflation and support the currency
amidst slow growth. The bank, which has targeted single-digit
inflation, held its main interest rate at 13.5% at its last
meeting, in January.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.