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Inflation rises ahead of rate decision

18 July 2012, 12:03

 Abuja - Consumer price inflation rose marginally in June, statistics showed on Wednesday, supporting expectations that the central bank will hold interest rates steady at 12 percent next week.

Consumer price inflation rose to 12.9 percent year-on-year in June, up from 12.7 percent in May, while food price inflation eased to 12 percent year-on-year from 12.9 percent in May, the National Bureau of Statistics (NBS) said.

"(CPI) change could be partly attributable to persistent increase in the prices of some farm produce such as yam tubers as well as the increase in the electricity tariff," an NBS document said.

Core inflation, which excludes volatile agricultural produce, remained stubbornly high, rising to 15.2 percent year-on-year, up from 14.9 percent in May.

The central bank wants consumer price inflation in single digits but has accepted that the headline figure is likely to peak at around 14 percent later this year.

The regulator in May kept its benchmark interest rate on hold at 12 percent for the fourth meeting running, citing the need to balance inflationary concerns with slowing economic growth.

- Reuters


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