Nigeria's inflation hits 17.1%, highest in 11 years

Nigerian inflation accelerated to the highest rate in almost 11 years in July, complicating the task of the central bank in an economy which is at risk of contracting this year.


The inflation rate in Africa’s largest economy increased to 17.1% in July from 16.5 percent in June and 15.6 in May, according to the National Bureau of Statistics second quarter report.

The figure represented the highest rate since October 2005, according to data on the Central Bank of Nigeria’s website.