Business

Nigerian inflation slows for 7th month in August to 16.01 percent

Annual inflation in Nigeria slowed for a seventh month in August, easing to 16.01 percent, the National Bureau of Statistics (NBS) said Friday.

The rate of annual inflation was 0.04 percent lower than in July.

 “The highest increases were recorded in clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear,” said the statistics office in its report.

A separate food price index showed inflation at 20.25 percent in August, compared with 20.28 percent in July.

 Last week the statistics office said Nigeria emerged from recession in the second quarter of this year with Africa’s biggest economy expanding 0.55 percent year-on-year.

Nigeria’s economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years.

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