Nigeria’s consumer inflation was 9.3 per cent year on year in October compared with 9.4 per cent in September, data from the National Bureau of Statistics showed, marking the first slow down since November 2014.
Food inflation also edged lower in October to 10.1 per cent year-on-year versus 10.2 per cent the previous month.
Inflation in Africa’s biggest oil producer had been steadily rising since the end of last year as the crash in global crude prices sent its currency, the naira, tumbling. Inflation crossed the central bank’s upper target of 9 per cent earlier this year.
The central bank has devalued the naira twice in the last year but the government is against more. Foreign exchange restrictions were imposed in June to preserve its foreign reserves and with a hope to reignite local industry.
Got a news tip/information for us? Email firstname.lastname@example.org
Follow us on twitter @thesheetng
BBM Channel: C0042057A
Like us on Facebook @ www.facebook.com / The Sheet
This is a 2015 Copyright of thesheet.ng. You may wish to request express approval from thesheet.ng to republish