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Nigeria's inflation slows to 16.01%

Nigeria's inflation slows to 16.01%


Nigeria’s National Bureau of statistics has announced a slow down in annual inflation in the West African country for a seventh month in August, easing to 16.01 percent.

Statistics from the bureau say the highest increases were recorded in clothing materials, passenger transport by air, motorcycles, shoes and other footwear.

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.

The Nigerian economy slipped into recession in early 2016 after contracting for two consecutive quarters.

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