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Nigerian Annual Inflation Falls To More Than 2 Year Low In April | The Precision

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Annual inflation in Nigeria stood at 12.48 percent
in April, its lowest level in more than two years and its 15th straight
monthly drop, the National Bureau of Statistics said on Tuesday. 

It
fell from 13.34 percent in March. A separate food price index showed
inflation at 14.80 percent in April, compared with 16.08 percent in
March. 


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Food inflation has been in double figures for nearly three years, but has slowed for the past six months. 

The
statistics office said the highest increases were recorded in potatoes,
yam and other tubers, as well as bread and cereals, plus oil and fats. 

The
central bank’s monetary policy committee is due to meet later this
month to set its main interest rate. It held the rate at 14 percent in
April in an attempt to curb inflation, especially in food prices. 

It has kept rates tight for more than a year to support the naira and attract foreign investors into the debt market.

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