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Nigeria’s annual inflation decelerated for the fifth straight month in August, opening the door for the central bank to potentially begin pruning record high borrowing costs next week.
The consumer price index rose 20.1% from 21.8% in July, according to data released Monday by the National Bureau of Statistics.
After lifting the key interest by 16 percentage points since May 2022, the Central Bank of Nigeria’s monetary policy committee has kept interest rates at 27.5% at its past three meetings.
Annual food inflation slowed to 21.9% in August from 22.7% last month and core price growth eased to 20.3% from 21.3%. Prices rose 0.7% in the month from 1.99% in July.
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