9 Months Later: Food Prices Have Kept Dropping
Prices of goods and services in Nigeria has been slowing since February.
In October, the prices continued to fall making it the 9th time in a row within this year.
According to the National Bureau of Statistics, NBS, annual inflation in Nigeria eased to 15.91% in October.
A separate food price index showed a marginal decline as inflation dropped to 20.31% in October, compared with 20.32% in September.
“The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese and eggs vegetables and fish,” the statistics office said in its report.
Last month, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018.
Recall that the Central Bank kept interest rates at 14% in September to keep a tight leash on the amount of money in circulation, saying it felt that loosening would worsen inflation.
The bank’s monetary policy committee is due to announce its latest interest rate decision on November 21.
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