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Inflation Eases to 12.8 pct YoY in July

By on August 20, 2012

Nigeria’s consumer inflation eased slightly to 12.8 percent year-on-year in July, from 12.9 percent year-on-year in June, statistics showed on Friday, surprising many analysts who had expected inflation to rise.

Food inflation, the largest contributor to the headline index, rose slightly to 12.1 percent year-on-year in July, compared with 12.0 percent in June, the National Bureau of Statistics (NBS) said in a report.

This is the first time this year inflation will decline, after the government yanked fuel subsidies in January triggering protests and price increases across several commodity types, mainly food, and transportation.

Also the increase in electricity tariffs in June also led to price increases that affected inflation, however there were no protests.

 

 

Source: Reuters