Nigeria: Inflation rate rises to 8.3%

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Nigeria’s inflation rate advanced for a fifth month in July, bolstering the case for policymakers not to cut interest rates. Inflation accelerated to 8.3 percent last month from 8.2 percent in June, the National Bureau of Statistics said yesterday. It matched the median estimate in a survey of nine analysts. In the month, prices rose 0.7 percent, the statistics office said. The central bank cited inflation risks, including food costs, as one of the main reasons it left the benchmark interest rate unchanged last month. – Bloomberg

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