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Nigerian inflation slows to 11th month in December

Published: January 16, 2018 15:21:33 | Updated: January 17, 2018 16:02:18


Nigerian inflation slowed for the 11th month in a row in December, to 15.37 per cent from 15.90 per cent a month before, the head of the National Bureau of Statistics (NBS) said on Tuesday.

The NBS chief, Yemi Kale, also 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, reports Reuters.

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.

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