Nigeria’s inflation softened for the first time in 11 months in December ahead of presidential elections next month.
(Bloomberg) — Nigeria’s inflation softened for the first time in 11 months in December ahead of presidential elections next month.
The inflation rate fell to 21.3% from 21.5% in November, according to data published on the National Bureau of Statistics’s website on Monday. The median estimate of four economists in a Bloomberg survey was 21.8%.
The slowdown was driven by a deceleration in food-price growth to 23.7% in December from 24.1% in the previous month, while core inflation, a reflection of underlining price pressures, quickened to 18.49% from 18.2%. Prices rose 1.7% in the month.
The Central Bank of Nigeria’s monetary policy committee, which has hiked the key rate at four straight meetings by a cumulative 500 basis points, is due to hold its first rate decision meeting of the year next week, the only one before elections on Feb. 25.
–With assistance from Simbarashe Gumbo.
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