Inflation
rate in the country dropped to 8.6 per cent in March , the lowest in
almost five years as the impact of higher fuel prices a year ago fell
out of the calculation.
According to the National Bureau of Statistics (NBS), inflation eased to 8.6 percent from 9.5 percent in February. Prices rose 0.7 percent in the month.
The Central Bank of
Nigeria (CBN) has kept its benchmark policy rate at a record 12 percent
for nine consecutive meetings to keep prices incheck and bolster the
naira. The inflation rate has been below 10 percent, matching the
central bank’s target, for three consecutive months.
Inflation will
probably remain between 9 and 11 percent this year, central bank
Governor Lamido Sanusi said on March 24. While Sanusi said he supports
keeping the benchmark rate unchanged, more of the 12 members of the
Monetary Policy Committee are pushing for rate cuts. Three MPC members
voted for a reduction in the March 19 meeting, up from two in January.
The
MPC will probably keep its key rate unchanged at its next meeting on
May 21-22, Johannesburg-based Absa Group Ltd. (ASA) said in an e-mailed
note to clients before today’s data.
The core inflation rate, which excludes agricultural products, rose 7.2 percent in Marchfrom a year earlier, down from 11.2 percent in February, the statistics office said. Food inflation eased to 9.5 percent from 11 percent http://businessdaynigeria.com/inflation-drops-86-percent-lowest-5-years |
Thursday, 18 April 2013
Inflation in Nigeria Drops To 8.6 Percent, Lowest In 5 Years.
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inflation in Nigeria,
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