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Nigeria’s Inflation Drops To 16.1 percent

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Nigeria’s inflation slowed 0.15 percent points to 16.10 percent in June 2017, raising more confidence on the recent forex policies of the Central Bank of Nigeria to create dollar liquidity and dampen imported prices into the largely import-dependent nation.

This is the fifth consecutive decline in the rate of inflation since January this year, with the number staying at 16.25 percent in May.

The new inflation numbers have beaten wide expectations that it could rise marginally 15bps to 16.4 percent on sustained pressure on food prices.

The National Bureau of Statistics (NBS) confirmed food inflation continued presure on prices rising marginally to 19.91percent in June 2017. It was up 0.64 percent points from the 19.27 percent May record. Analysts said the sustained food pressure could not dampen positive impact of core on prices.

Core inflation equally slowed down by 0.50 percent to 12.50 percent from 13 percent.

This represents the 8th straight month of decline in the core index since November 2016.

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