Inflation Slows To 15.37 % In Dec – NBS

Nigeria’s headline inflation slowed for the 11th month in a row in December, to 15.37 per cent from 15.90 per cent the previous month, National Bureau of Statistics (NBS) said on Tuesday.
The latest data by the country’s statistics bureau was a sharp contrast to the prediction of some economist that projected a higher inflation figure for the month.
Last week, Nigeria’s top economist run-Financial Derivative Company (FDC) has predicted that headline inflation is expected to rise to 15.94 per cent in December 2017, from 15.90 per cent the previous month as a result of the impact of fuel shortage and seasonally increased in spending for Christmas celebrations.
NBS chief executive, Yemi Kale said on his personal Twitter account that a separate food price index showed inflation at 19.42 per cent in December, down from 20.30 per cent in November.
In October, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach the high single-digits by the middle of 2018.
The bank has kept its main interest rate at 14 per cent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency.
The government wants to see rates come down to lower its borrowing costs and stimulate the economy.
The West African nation emerged from its first recession in 25 years in the second quarter of 2017 as oil revenues rose, although the slow pace of growth suggests the recovery remains fragile.
Source: Reuters

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