CBN promises further drop in inflation

Nigeria Consumer News

Nigeria’s Central Bank Governor, Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year.

Speaking on a sideline of an investment conference at the London Stock Exchange, Emefiele said he was very optimistic that food prices would come down and as they come down, would help to complement the reduction in core inflation.

Floods in Benue state last month have kept food prices high, negating some of the benefits of the increased availability of foreign exchange. Food prices rose 20.32 percent from a year earlier, compared with 20.25 percent in August, driven by the costs of potatoes, meat and oils and fats.

This article was originally published on National Daily Newspaper

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