Nigeria inflation slows for seventh consecutive month

Nigerian inflation rose to 16.5 percent in June - statistics office Photo:Courtesy

Annual inflation in Nigeria slowed for a seventh month in August, easing to 16.01 per cent, the National Bureau of Statistics said on Friday.

The rate of annual inflation was 0.04 per cent lower than in July. “The highest increases were recorded in clothing materials and articles of clothing, garments, and passenger transport by air, motorcycles, shoes and other footwear,” said the statistics office in its report.

A separate food price index showed inflation at 20.25 per cent in August, compared with 20.28 per cent in July.

Last week the statistics office said Nigeria emerged from recession in the second quarter of this year with Africa’s biggest economy expanding 0.55 per cent year-on-year.

The country’s economy shrank by 1.5 per cent in 2016 for its first annual contraction in 25 years.