Annual inflation in Nigeria slowed for the 12th month in a row in January to 15.13 percent, compared with 15.37 percent in December, the National Bureau of Statistics (NBS) said on Wednesday.
A separate food price index showed inflation at 18.92 percent in January, compared with 19.42 percent in December.
”The rise in the food index was caused by increases in prices of imported food in general as well as bread and
cereals, milk, cheese ... meat, potatoes and other tubers,” the NBS said in a report.
Yemi Kale, head of the NBS, last month said he expected the rate of inflation to fall faster this year compared with 2017, but activities leading up to presidential elections next year could stoke prices.
Food inflation has remained in high double digits over the last year. Kale said the country was in a harvest period and output is increasing which would help lower food prices but household consumption remained fragile after the 2016 recession.
Reporting by Chijioke Ohuocha and Alexis Akwagyiram; Editing by Alison Williams and Raissa Kasolowsky (Reuters)
Kenya’s economy is likely to grow 5.8 percent this year, recovering from drought and political uncertainty that pushed growth down to an estimated 4.8 percent in 2017, the finance ministry said.
Economic output in the East African nation, which relies on farming and tourism, grew 5.8 percent in 2016.
The Finance Ministry said in its latest budget outlook paper that risks to growth could come from adverse weather, public spending pressure, especially from recurrent expenditure.
The government plans to cut its budget deficit to 6.0 percent of gross domestic product in the next financial year starting July, and to 3.0 percent by 2022, from 8.9 percent in the financial year to end of last June.
The overall budget is expected to rise to 2.49 trillion shillings ($24.63 billion)in 2018/19, or 26 percent of GDP from 2.32 trillion shillings in 2017/18, or 27 percent of GDP.
Kenyan officials are conducting a roadshow for a planned issue of 10-year and 30-year Eurobonds that sources with knowledge of the issue would be worth a minimum of $1.5 billion.
($1 = 101.1000 Kenyan shillings)
Reporting by George Obulutsa; Editing by Raissa Kasolowsky (Reuters)