Annual inflation in Nigeria, Africa’s largest economy, rose sharply in July on the back of soaring energy, transport and food costs, along with a fall in the value of the naira currency.
The National Bureau of Statistics said that in July inflation rose for the sixth consecutive month this year to 19.6 per cent, up from 18.6 per cent in June and the highest level since September 2005.
The latest rise means inflation is now double the Central Bank of Nigeria’s target of 9 per cent and raises the prospect of another increase in interest rates next month.
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