Inflation Accelerates to 7.8% in March on Account of Fish, Diary

Inflation rate, the average change in the prices of goods and services accelerated in March, remaining within the central bank’s target range, as prices jumped for some foods such as fish and dairy.
The consumer inflation rate rose to an annual 7.8 percent from 7.7 percent in February, the country’s National Bureau of Statistics said today in an e-mailed statement. Prices rose 0.8 percent in the month, according to the agency.
The West African nation is trying to control inflation and steer the continent’s biggest economy and largest oil producer before presidential elections next year. The central bank targets keeping the inflation rate within 6 percent to 9 percent. Nigeria’s central bank left its benchmark interest rate unchanged at a record 12 percent at the last monetary policy committee meeting on March 25.
In March, food prices accelerated 1 percent compared to 0.6 percent in February, marking the highest increase on a monthly basis in at least a year, the agency said.

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