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Nigerian Inflation Slows For Seventh Month In August To 16.01 Percent | The Precision

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Inflation Chart released by the NBS today 15 Sept.
Annual inflation in Nigeria slowed for a seventh
month in August, easing to 16.01 percent, the National Bureau of
Statistics (NBS) said on Friday. 

The rate of annual inflation was 0.04 percent lower than in July. 
“The
highest increases were recorded in clothing materials and articles of
clothing, garments, 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 percent in August, compared with 20.28 percent 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
percent year-on-year. 
Nigeria’s economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years. 
Source: Reuters

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