Inflation In Nigeria Climbs To 12.8% On Tougher Economy

Nigeria's March inflation rate climbed to 12.8%, the highest in almost four years. The sharp rise is attributed to a collapse in crude prices, which has slashed government revenues, weakened the currency and slowed growth. The country's statistics bureau said that Food prices, which account for the bulk of the inflation basket, rose by 1.4 per cent to 12.7 per cent, compared with11.4 per cent in the previous month, driven by transportation costs. The bureau expects inflation to end the year at 10.16 per cent, above the central bank's target upper limit of nine per cent.