LAGOS, Sept 16 (Askume) – Nigeria’s core consumer inflation fell for a second consecutive month, dropping from 33.40% in July to 32.15% in August, data from the Nigeria Bureau of Statistics showed on Monday (NGCPIY=ECI).
Inflation in Africa’s most populous country fell in July for the first time in more than a year as the impact of currency depreciation began to fade.
But analysts said the August slowdown could be short-lived after gasoline prices were hiked twice in September, leaving citizens grappling with the worst cost-of-living crisis in a generation.
The price hike was prompted by President Bola Tinubu’s decision to end decades of fuel subsidies, devalue the naira currency and raise electricity prices. These reforms are aimed at boosting economic growth and strengthening public finances.
