Nigeria Inflation Accelerated to 12.1% on Fuel Prices

Nigeria’s inflation rate rose to 12.1 percent in March after the government lifted gasoline subsidies, boosting prices in Africa’s top oil producer.



Inflation in Africa’s most populous country,according to the National Bureau of Statistics accelerated from 11.9 percent in February.

The median estimate of eight economists surveyed by Bloomberg was for inflation to slow to 11.4 percent.

President Goodluck Jonathan partially removed fuel subsidies in January, pushing up the gasoline price by half to 97 naira ($0.62) a liter (0.26 gallon). The central bank, which raised its policy rate by 6 percentage points to a record 12 percent since 2010, expects inflation to reach as high as 14.5 percent in the first half of this year.
             Culled:247nigerianewsupdate