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ABUJA, Sept 15 - Nigeria's annual inflation rate accelerated to an 18-year high of 25.8% in August, official data showed on Friday, as Africa's largest economy grapples with rising prices ahead of a central bank interest rate decision later this month.
The August inflation figure rose for an eighth straight month from July's 24.08%, according to the National Bureau of Statistics , compounding a cost of living crisis worsened by Tinubu's reforms.
"The inflation data in our view reflects only in part the lifting of the subsidy. Much of the pre-existing pressure came from Nigeria's monetary policy stance in the months that preceded this outcome, and the continued naira depreciation on the parallel market," Khan said. Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 29.34% in August from 26.98% in July, as price of staples rise, the NBS said.
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