News ID: 257360
Published: 1227 GMT August 16, 2019

Nigerian inflation slows to 12-month low

Nigerian inflation slows to 12-month low

Nigeria’s annual inflation rate declined to the lowest in a year in July as food prices increased slower than in the previous month

Consumer prices rose 11.1 percent from a year earlier compared with 11.2 percent in June, the Abuja-based National Bureau of Statistics said on Friday in a report published on its Twitter account. The median of five economists’ estimates in a Bloomberg survey was 11.2 percent. Prices rose one percent in the month, Bloomberg reported.

While the food sub-index, which accounts for about half of the inflation basket, rose 13.4 percent in July compared with 13.6 percent in June, this week’s directive from President Muhammadu Buhari to stop dollar supplies for food imports could push up prices if shortages due to clashes between herders and farmers worsen.

Governor Godwin Emefiele kept the key rate unchanged last month to fight inflation that’s been above the target range of six percent to nine percent for more than four years. With an economy that’s still struggling to recover from a 2016 contraction, the central bank said lenders will no longer receive interest on deposits exceeding two billion naira ($5.5 million) and ordered them to increase their loan-to-deposit ratios in an effort to boost credit growth.

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