ABUJA (Reuters) – Nigeria’s inflation rose for an eighth straight month to 20.77 percent in September, despite sharp interest rate hikes by the central bank in an attempt to cool price increases, the statistics office said on Monday.
The central bank has raised interest rates by a total of 400 basis points this year, the tightest in a single cycle, in a bid to curb inflation and ease pressure on the currency.
It raised its key lending rate to 15.50% in September, the highest level so far.
Refinitiv data showed that annual inflation in Nigeria remained at its highest level since September 2005. Annual inflation was 20.52% in August.
Policy makers in Nigeria assert that persistent inflationary pressures are largely structural and imported. Analysts say inflation is driven by a scarcity of dollars, the rising cost of diesel and excess liquidity.