Market News

by Chijioke Ohuocha

ABUJA, Nov 17 (Reuters) – Nigeria’s inflation rate eased for the seventh month in a row in October, helped by another big drop in food inflation, figures from the statistics agency showed on Monday.

The data could encourage the central bank to cut interest rates again next week, when it is scheduled to announce its last monetary policy decision of 2025.

The National Bureau of Statistics said consumer inflation slowed to 16.05% year on year last month, down from 18.02% in September.

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The recent disinflation trend comes after years of surging prices that have been exacerbated by devaluations of the naira currency and the removal of costly energy subsidies since President Bola Tinubu came to power in 2023.

Consumer prices peaked at almost 35% in December, but they have been on a downward path after the statistics office revised its base year and adjusted the weight of items in its price basket.

Food inflation, a key driver of the headline rate, stood at 13.12% year on year in October, down from 16.87% in September.