Inflation Rate Slows to 8.2% in August

Nigeria’s inflation rate dropped to 8.2 percent in August, the lowest level since April 2008, according to the National Bureau of Statistics.
Inflation in Africa’s top oil producer slowed from 8.7 percent in July, the Abuja-based statistics agency said today in an e-mailed statement. The median estimate of nine economists surveyed by Bloomberg was 8.8 percent. Prices rose 0.3 percent in the month, the statistics bureau said.
The inflation rate has stayed within the Central Bank of Nigeria’s target of less than 10 percent this year, as the effect of higher fuel prices in 2012 fell out of the calculation and the central bank regularly sold dollars to support the naira.
The central bank kept its policy rate at a record 12 percent for the 11th consecutive meeting in July to bolster the currency, in a monetary stance central bank Governor Lamido Sanusi has said is containing prices. The central bank forecasts inflation will remain within its target corridor through January.

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