Inflation drops to 17%

Nigerian inflation slowed in August, as the rate of food-price growth declined.

Consumer prices rose by 17% from a year earlier, compared with 17.4% in July, the National Bureau of Statistics said in a report on Wednesday. The data matched the median of nine economists’ estimates in a Bloomberg survey.

READ ALSO: BREAKING: Nigeria’s inflation rate drops to 17.38% in July

The data comes two days before the Central Bank of Nigeria meets to decide its latest interest-rate stance. Easing inflation pressures combined with the still-fragile state of the economy are likely to result in the bank keeping its benchmark rate on hold at 11.5%, according to Bloomberg Economics.

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