Nigeria’s Inflation Rises in April as Food Prices Surge

Nigeria’s consumer inflation stood at 11.37 per cent in April, up from 11.25 per cent in March, the National Bureau of Statistics said on Wednesday.

The food price index rose to 13.70 per cent from 13.45 per cent,  a shift that was higher than expected.

Consumer prices in Africa’s largest oil producer rose 11.4% from a year earlier, compared with 11.3% in March, NBS said in a report published Wednesday on Twitter. Prices rose 0.94% in the month.

Experts say the pick-up in inflation could limit the room for the central bank to loosen policy further when it decides on interest rates next week.

The apex bank unexpectedly cut its key rate in March even as price growth has been outside the target band of 6 percent to 9 percent for more than three years.

While the central bank said it sees inflation moderating in the second half of the year, the implementation of a 67 percent increase in the national minimum wage and the possible removal of fuel subsidies are expected to increase price pressure.

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