Nigerian Inflation Slows to Nine-Month Low of 11.3% in September

Nigeria’s inflation rate fell to a nine-month low of 11.3 percent in September as the impact of rising fuel prices eased.

Inflation in Africa’s largest-oil producer slowed from 11.7 percent in August, the Abuja-based National Bureau of Statistics said in an e-mailed report. The median estimate of 10 economists surveyed by Bloomberg was 11 percent. Prices rose 1 percent in the month.

The Central Bank of Nigeria, led by Governor Lamido Sanusi, left its benchmark interest rate unchanged at a record 12 percent on Sept. 18 to help support the naira. The bank’s goal is to bring the inflation rate down to below 10 percent.

Food prices, which account for more than half of the consumer price index, rose 10.2 percent in September, compared with 9.9 percent in the previous month, the statistics office said. The core inflation rate, which excludes agricultural food products, fell to 13.1 percent from 14.7 percent.

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

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