Nigeria inflation climbed at the fastest annual pace in twenty-seven years in December, as a halt to fuel subsidies stoked transport costs and the naira weakened.
The inflation rate rose to 28.9% from a year earlier, compared with 28.2% in November, the National Bureau of Statistics said Monday. Prices advanced 2.3% in the month.
Inflation in Africa’s biggest economy has surpassed the upper band of the central bank’s target range of 6% to 9% since 2015 and may push policymakers to undertake exceptionally large rate hikes in the first half to rein in price pressures.
Annual food inflation quickened to 33.9% in December from 32.8% a month earlier, while core price growth — which excludes farm-produce and energy costs — accelerated to 23% from 22.4%.
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