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NBS: Nigeria’s inflation slows for 12th month

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NBS: Nigeria’s inflation slows for 12th month

Annual inflation in Nigeria slowed for the 12th month in a row in January to 15.13 percent, compared with 15.37 percent in December, the National Bureau of Statistics (NBS) said on Wednesday.

A separate food price index showed inflation at 18.92 percent in January, compared with 19.42 percent in December.

”The rise in the food index was caused by increases in prices of imported food in general as well as bread and cereals, milk, cheese … meat, potatoes and other tubers,” the NBS said in a report.

Yemi Kale, head of the NBS, last month said he expected the rate of inflation to fall faster this year compared with 2017, but activities leading up to presidential elections next year could stoke prices.

Food inflation has remained in high double digits over the last year. Kale said the country was in a harvest period and output is increasing which would help lower food prices but household consumption remained fragile after the 2016 recession, reports Reuters.

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