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ABUJA. — Higher food prices helped push up annual inflation in Nigeria last month after three consecutive months of declines, the National Bureau of Statistics said yesterday.
Nigerian inflation rose to 11,24 percent in September from 11,02 percent in August, which was its lowest in almost four years.
Inflation had been falling steadily since May.
The International Monetary Fund said last week that the planned introduction of a sales tax to partly finance the government’s record 2020 budget and a new minimum wage could help drive up inflation.
Yesterday’s data showed food price inflation, the main driver of overall inflation rose to 13,51 percent in September from 13,17 percent a month earlier.
In August, the government partially closed its western border with Benin to curb rice smuggling which it says is threatening attempts to boost domestic production.
The government wants Nigeria to be self-sufficient in rice and has imposed import controls but these have kept prices high and led to smuggling from Benin into Nigeria. — Reuters.
Online Reporter