Nigeria's consumer price inflation slowed to the lowest level in eighth months in August, and the economy expanded at a faster rate in the second quarter, data from the National Bureau of Statistics showed Monday.
Inflation slowed to 11.7 percent in August from 12.8 percent in July. The latest figure was the lowest since December 2011, when consumer prices rose 10.3 percent.
August's moderation in inflation is attributable to the relative slower rises in both the food and core inflation on aggressive monetary policy initiatives, base effects and a much lower rise in several food
prices, the agency said.
Food prices advanced 9.9 percent annually during the month, while non-food prices, including processed food, climbed 14.7 percent.
On a monthly basis, the consumer price index increased at a faster pace of 0.67 percent in August than 0.24 percent in July.
Separately, the statistical office said the Nigerian economy expanded at a faster rate of 6.28 percent year-on-year in the second quarter than 6.17 percent in the first quarter. In the second quarter of 2011, the economy expanded 7.61 percent.
The Oil sector contributed about 13.86 percent to the overall growth in the second quarter. The faster GDP growth also reflected strong contribution from the non-oil sector, which recorded a 7.50 percent growth.
by RTT Staff Writer
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