Inflation rate rose to 17.9% from 17.6% the previous month Interest rates kept at nine-year high of 14% in October Nigerian inflation accelerated for the 11th consecutive month in September as food prices rose, strengthening the case for the central bank to maintain a tight monetary stance even as the economy is contracting. The inflation rate in Africa’s most populous country increased to 17.9 percent from 17.6 percent in August, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Friday. Prices rose 0.8 percent from the previous month, compared with 1% from July to August. The median of 15 economist estimates compiled by Bloomberg was for an increase to 18 percent. Inflation has been rising partly due to dollar shortages caused by a 197-199 naira peg to the U.S. currency, which increased import costs of products from fuel to rice and electronics. That, coupled with shortages […]