Inflation slows to 7.9% in November despite naira devaluation

The pace of price increases observed by the Consumer Price Index (CPI) which measures inflation eased for the third consecutive month to stand at 7.9 per cent in November, a drop of 0.2 per cent despite the devaluation of the naira, the National Bureau of Statistics (NBS) has said. 
Data released yesterday by the NBS indicates that prices rose by 7.9 per cent (year-on-year), down by 0.2 percentage points from 8.1 per cent recorded in October. The Deputy Governor of Central Bank of Nigeria, Dr. Sarah Alade, had recently told reporters at a retreat held in Abuja that Nigeria would maintain single digit inflation at least till the end of 2014 despite speculation by analysts that there would be increased inflation following the devaluation of the naira.

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