“Nigeria inflation rises in September despite central bank rate hikes”
ABUJA (Reuters) -Inflation in Nigeria rose for the eighth straight month to 20.77% in September from 20.52% in August, the statistics bureau said on Monday, despite the central bank’s sharp rate hikes to try to tame price increases.
Policy-makers in Nigeria maintain that persistent inflationary pressures are structural and largely imported. Analysts say inflation is driven by dollar scarcity, high diesel cost and excess liquidity.
High inflation, weak economic growth and mounting insecurity are major issues for voters as Nigeria heads for national and presidential elections in February, in which incumbent President Muhammadu Buhari will not take part in due to term limits.