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Nigeria’s inflation rate slows to 8%

Nigeria’s inflation rate declined to eight per cent in September, the lowest level since March 2008, as the harvest season constrained food-price increases, according to the National Bureau of Statistics.

Inflation in Africa’s largest oil producing country slowed from 8.2 per cent in August, the Abuja-based statistics agency, said today in an e-mailed statement.

The median estimate of nine economists surveyed by Bloomberg was 7.9 per cent. Prices rose 0.75 per cent in the month, the NBS said.

“The recent harvest season continues to constrain rising food prices,” the NBS said.

Inflation has stayed within the Central Bank of Nigeria’s target of less than 10 per cent this year, as an increase in fuel prices in 2012 fell out of the calculation and the Central Bank regularly sold dollars to support the naira.

The bank has kept its policy rate at a record 12 per cent since 2011 to bolster the currency.

Governor Lamido Sanusi has said that high rates are helping to contain prices. He said last week that inflation is under control and will probably come down to below eight per cent by December.


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