Nigerian Inflation Slows to 17% in August, Matching Forecasts

Nigerian inflation slowed in August, as the rate of food-price growth declined.

Consumer prices rose 17% from a year earlier, compared with 17.4% in July, the Abuja-based National Bureau of Statistics said in a report sent by WhatsApp on Wednesday. The data matched the median of nine economists’ estimates in a Bloomberg survey.

Costs climbed 1% in the month, compared with a 0.9% increase in July.

The data comes two days before the central bank meets to decide its latest interest-rate stance. Easing inflation pressures combined with the still-fragile state of the economy are likely to result in the bank keeping its benchmark rate on hold at 11.5%, according to Bloomberg Economics.

READ: African Central Banks Seen Holding Rates on GDP Growth Concerns

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.