Nigerian inflation eases for seventh month in August to 16.01 pct

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LAGOS, Sept 15 – Annual inflation in Nigeria slowed for a seventh month in August, easing to 16.01 percent, the National Bureau of Statistics (NBS) said on Friday.

The rate of annual inflation was 0.04 percent lower than in July.

“The highest increases were recorded in clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear,” said the statistics office in its report.

A separate food price index showed inflation at 20.25 percent in August, compared with 20.28 percent in July.

Last week the statistics office said Nigeria emerged from recession in the second quarter of this year with Africa’s biggest economy expanding 0.55 percent year-on-year.

Nigeria’s economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years.

Reporting by Alexis Akwagyiram; Editing by Alison Williams

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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