Nigerian inflation drops to 5,9 per cent

Nigerian inflation drops to 5,9 per cent

LAGOS – Nigeria’s inflation rate dropped to 5,9 per cent in the 12 months ending in June, marginally lower than six per cent in the preceding month, the National Bureau of Statistics said yesterday.

The agency attributed the decline to a decrease in the price of food items and petrol in the oil-rich West African country of some 140 million people. The Nigerian government was forced to reduce the price of petrol to 70 naira (about 50 US cents) from 75 naira following a general strike by the country’s organised labour in June.Inflation has been dropping steadily since last year after the government launched a slew of fiscal and belt-tightening measures.Nigeria is Africa’s biggest oil producer and the eighth-largest exporter in the world, accounting for a daily output of 2,6 million barrels at peak, a quarter of which is currently lost to unrest in the oil-producing south.Nampa-ReutersThe Nigerian government was forced to reduce the price of petrol to 70 naira (about 50 US cents) from 75 naira following a general strike by the country’s organised labour in June.Inflation has been dropping steadily since last year after the government launched a slew of fiscal and belt-tightening measures.Nigeria is Africa’s biggest oil producer and the eighth-largest exporter in the world, accounting for a daily output of 2,6 million barrels at peak, a quarter of which is currently lost to unrest in the oil-producing south.Nampa-Reuters

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