Inflation rate on hold in Nigeria

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Yearly inflation in Nigeria hindered for a 6th month in July, facilitating to 16.05 percent, yet the ascent in nourishment expansion was the greatest in eight years, the National Bureau of Statistics (NBS) said on Monday.

The rate of yearly inflation was 0.05 percent lower than in June. A different sustenance cost list indicated expansion rose to 20.28 percent in July, up from 19.91 percent in June, the greatest year-on-year increment since 2009, the measurements office said.

“The ascent in the file was caused by increments in costs of bread and grains, meat, fish, oils and fats, espresso, tea and cocoa, potatoes yam and different tubers and vegetables,” the report said.

Nigeria – which has Africa’s greatest economy – is in its second year of recession and is battling with a money emergency and dollar deficiencies expedited by low oil costs.