Nigeria inflation down 0.1%, first time since Nov 14

Buhari face

President Muhammadu Buhari of Nigeria

President Muhammadu Buhari of Nigeria
President Muhammadu Buhari of Nigeria

Nigeria’s consumer inflation was 9.3 per cent year on year in October compared with 9.4 per cent in September, data from the National Bureau of Statistics showed, marking the first slow down since November 2014.

Food inflation also edged lower in October to 10.1 per cent year-on-year versus 10.2 per cent the previous month.

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Inflation in Africa’s biggest oil producer had been steadily rising since the end of last year as the crash in global crude prices sent its currency, the naira, tumbling. Inflation crossed the central bank’s upper target of 9 per cent earlier this year.

The central bank has devalued the naira twice in the last year but the government is against more. Foreign exchange restrictions were imposed in June to preserve its foreign reserves and with a hope to reignite local industry.