Nigeria inflation drops to 15.37% – Yemi Kale

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Statistician-General of the National Bureau of Statistics (NBS), Dr Yemi Kale
Statistician-General of the National Bureau of Statistics (NBS), Dr Yemi Kale
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Statistician-General of the National Bureau of Statistics, Dr Yemi Kale says inflation has dropped to Inflation drops to 15.37%

Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37 per cent from 15.90 per cent a month before, the head of the National Bureau of Statistics (NBS) said in a tweet on Tuesday.

Yemi Kale also said on his personal Twitter account that a separate food price index showed inflation at 19.42 per cent in December, down from 20.30 per cent in November.

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“December 2017 Headline Inflation report published. Inflation drops to 15.37% year on year in Dec 2017 from 15.90% in November. Food drops to 19.42% from 20.30% and Core to 12.10% from 12.20%,” Kale tweeted.

In October, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach the high single-digits by the middle of 2018.

The bank has kept its main interest rate at 14 percent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency.

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The government wants to see rates come down to lower its borrowing costs and stimulate the economy.

The West African nation emerged from its first recession in 25 years in the second quarter of 2017 as oil revenues rose, although the slow pace of growth suggests the recovery remains fragile.