Share

Nigeria inflation hits new five-year low

Abuja - Nigeria's year-on-year consumer inflation fell to 8.2% in August, lower than July's 8.7% 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%, from the previous month's figure of 10%.

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% and tightened liquidity by hiking reserve requirements on public sector deposits to 50%, from 12% 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.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders