Nigeria's annual inflation rate fell to 11.37 percent in January, down from the seven-month high it reached in December, data released by the National Bureau of Statistics (NBS) has shown.
The data from NBS released on Friday, a day before a presidential election showed an improvement from the 11.44 percent in the previous month.
The price index peaked at 18.7 percent in January last year and has been in double digits for three years.
The Central Bank of Nigeria (CBN) has kept interest rates at 14 percent to curb inflation, which has been rising after the country’s worst recession in a quarter of a century in 2016.
Rejuvenating the economy is a key campaign issue for President Muhammadu Buhari, who hopes his record can secure him a second four-year term in office. His main opponent, Atiku Abubakar, a former vice president, has touted pro-business policies, including floating Nigeria’s currency, the naira .
In November, the CBN Governor, Godwin Emefiele, said he expected the regulatory bank would keep monetary policy tight in 2019. He said the short-term outlook for the economy was good and that the country was open for foreign investors.
Nigeria’s economy grew by 1.95 percent in 2018 at its fastest pace since the recession.
A separate food price index showed inflation at 13.51 percent in January, compared with 13.56 percent in December, the National Bureau of Statistics said.
Rejuvenating the economy is a key campaign issue for President Muhammadu Buhari, who hopes his record can secure him a second four-year term in office. His main opponent, Atiku Abubakar, a former vice president, has touted pro-business policies, including floating Nigeria’s currency, the naira .
In November, the CBN Governor, Godwin Emefiele, said he expected the regulatory bank would keep monetary policy tight in 2019. He said the short-term outlook for the economy was good and that the country was open for foreign investors.
Nigeria’s economy grew by 1.95 percent in 2018 at its fastest pace since the recession.
A separate food price index showed inflation at 13.51 percent in January, compared with 13.56 percent in December, the National Bureau of Statistics said.
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