Nigerian Inflation Stays at 9.2%

The nation's inflation rate was unchanged in July, ending a seven-month period of acceleration that pushed the rate outside the central bank’s target band.
The National Bureau of Statistics in its monthly inflation report in Abuja, noted that consumer prices rose 9.2 percent from a year ago. The inflation rate rose 0.7 percent in the month.

It would be recalled that the Central Bank of Nigeria kept its benchmark interest rate unchanged at 13 percent in July even as inflation breached the target range of 6 percent to 9 percent in the previous month.

Inflation has been fueled by the naira’s 7.8 percent slump against the dollar this year.