Nigeria’s inflation at lowest point in two years

By | July 18, 2010

From NEXT:

Nigeria’s consumer inflation eased to 10.3 percent year-on-year in June from 11.0 percent the previous month, its lowest level for more than two years, the National Bureau of Statistics said on Friday.

Growth in food prices, which form the bulk of the inflation index basket in Africa’s most populous country, also eased, to 12.0 percent year-on-year from 12.3 percent in May.

The growth in consumer prices, is the lowest monthly year-on-year increase since May 2008, when it rose to 9.7 percent, according to figures from the statistics office.

This is with the benchmark interest rate at 6%. Which is really low by Nigerian standards. In any case, I wonder how reliable the data is.

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