Nigerian Inflation Quickens for the First Time in Three Months

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Consumer prices rose 32.7% from 32.2% in August, the National Bureau of Statistics said in a statement published on its website on Tuesday. The median estimate of nine economists in a Bloomberg survey was 32.4%.

Governor Olayemi Cardoso said at last month’s meeting that “efforts must be sustained” to achieve a positive inflation-adjusted interest rate to attract investment into the economy which would help support the naira.

Still, Bismarck Rewane, chief executive officer of consultancy Financial Derivatives Co., warned ahead of the data release that while “the upward reversal in the inflation trend will be a major consideration at the MPC meeting in November,” it may opt to maintain the status quo. “This is to prevent the economy from overheating and a possible recession.”