Nigerian annual inflation at 15.98% in September: stats office

PUBLISHED: Tue, 17 Oct 2017 11:34:20 GMT
Share

Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent, the National Bureau of Statistics (NBS) said on Tuesday.

The rate of annual inflation was 0.03 percent points lower than the rate in August.

A separate food price index showed inflation at 20.32 percent in September, compared with 20.25 percent in August.

“The rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats,” the NBS said in its report.

Nigeria, which has Africa’s largest economy, emerged from its first recession in 25 years in the second quarter as oil revenues rose. But the pace of growth was slow, suggesting the recovery remains fragile.

The World Bank in a report last week said it expected Nigeria’s economy to grow by 1 percent in 2017 – 0.2 percentage points below its forecast in April.

Reporting by Alexis Akwagyiram; Editing by Alison Williams/Keith Weir

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.