Nigeria’s inflation rate fell to 9 percent in January as the effect of a year-earlier reduction in fuel subsidies dropped out of the calculation.
Inflation in Africa’s largest oil producer slowed from 12 percent in December, the Abuja-based National Bureau of Statistics said today in an e-mailed report. The median estimate of seven economists surveyed by Bloomberg was 9.5 percent. Prices rose 0.6 percent in the month.
The January 2012 increase in gasoline prices after President Goodluck Jonathan cut subsidies helped keep inflation above the central bank’s target of less than 10 percent throughout last year. Central bank Governor Lamido Sanusi said last month that the rate may drop close to the target, largely because of “base effects.”
