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Inflation falls to new 5-year low of 8 percent

17 October 2013, 08:32

Abuja – The consumer inflation fell to a fresh five year low of 8 percent in September, down slightly from 8.2 percent in August, the National Bureau of Statistics (NBS) said on Wednesday.

Food inflation also fell to 9.4 percent over the period, down from 9.7 percent the previous month.

"This was largely as a result of a slower rate of increase in food prices as the recent harvest season continues to constrain rising food prices," the NBS report said.

The central bank expects inflation to remain below its single-digit target throughout 2014, as it has this year, but it has resisted pressure to cut rates as a result.

The central bank held its interest rate at 12 percent for a twelfth time in a row at its committee meeting in September, citing what it said were successes at stabilising inflation and the naira, but noting that high government spending meant there were dangers ahead.

- Reuters


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