Nigeria inflation rises after fuel price hike

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Nigeria Inflation Rises

Nigeria Inflation Rises

Nigeria’s inflation rate grew to 12.6 percent in year-over-year estimates for this January, following the nation abandoning and later partially reinstating a subsidy to keep gasoline prices low.

Nigeria’s National Bureau of Statistics released the figures Monday. The bureau blamed the spike in inflation rates on gasoline prices going up, which then forced up the costs of food and other commodities.

On Jan. 1, the government of President Goodluck Jonathan announced all subsidies for gasoline would be removed. That sparked a six-day strike that paralyzed oil-rich Nigeria.

Ultimately, Jonathan’s government restored partial subsidies, meaning the price of gas increased from $1.70 per gallon (45 cents per liter) to $2.27 a gallon (60 cents a liter).

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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