The National Bureau of Statistics (NBS) has said that Nigeria's annual inflation rate rose to 14 per cent in July from 12 per cent the previous month, driven by price hikes for food and essential goods
The prices of diesel and kerosene have more than doubled in the past three months, food prices have spiralled and kerosene and common household items have also become costlier.
Inflation stood at 8.2 per cent in April but rose to 9.7 per cent in May before hitting 12 per cent in June. Inflation for most of 2006 and 2007 was reduced through belt-tightening measures by government to achieve a single-digit rate.
