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Nigerian Inflation Slows to 7.8% in October

NBS: Food prices continued lower after harvest season began

Nigerian inflation fell to 7.8% in October year-on-year, after previously clocking in at 8% in September. Princes rose 0.8% on the month.

The NBS said Food prices continued to trend lower for the third consecutive month as a result of the harvest season that traditionally begins in July of the year.

The Central Bank of Nigeria’s inflation target is to keep it below 10%, yet the benchmark interest rate is likely to remain at 12% according to economists surveyed at Bloomberg.

Recently Governor Lamido Sansui said there is no plans to reduce rates until sustained price stability is ensured.

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