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August inflation at new 5-year low of 8.2 percent

18 September 2013, 10:12

Abuja – Nigeria’s year-on-year consumer inflation fell to 8.2 percent in August, lower than July's 8.7 percent figure, the statistics bureau said on Tuesday, and touching a new 5-year low.

Food inflation also fell -- for the first time in three months -- to 9.7 percent, from the previous month's figure of 10 percent.

The overall inflation rate has remained within the central bank's single digit target since the start of the year.

"In August, the rate of inflation slowed as a result of declines in food prices due to the harvest season," the National Bureau of Statistics said in its report. "This has given a temporary respite from (price) increases."

It added that core inflation had trended upwards slightly.

At the last monetary policy committee meeting in July, the central bank held its policy rate at 12 percent and tightened liquidity by hiking reserve requirements on public sector deposits to 50 percent, from 12 percent previously.

Liquidity remains tight, with overnight lending rates reaching a record high on Tuesday.

Central bank governor Lamido Sanusi has resisted pressure from businesses to slash rates, fearing loose fiscal policy or external shocks could still undermine this year's tamer inflation rates.

- Reuters


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