Friday July 31, 10:22 AM
Nigerian inflation dips to 11.2%
LAGOS (AFP) - Nigeria's inflation rate dropped to 11.2 percent on a 12-month basis in June from 13.2 percent in May, the National Bureau of Statistics said Friday.
"The composite consumer price index or CPI (NYSE: CPY - news) rose 11.2 percent year-on-year in June 2009 and it is slower than the 13.2 percent increase in the previous month," the agency said.
"On the monthly basis, the CPI rose by 1.8 percent in June 2009," it added.
Nigerian inflation had risen steadily since the second quarter of 2008, soaring to 14 percent in July last year.
Nigeria had managed to slow inflation for most of 2006 and 2007 through a series of belt-tightening measures.
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