Good Morning Nigeria: Inflation slower but above target
​Inflation slower but above target
- Headline inflation slowed in October from 9.4% y/y to 9.3%. Our expectation in a newswire's poll of analysts was a gentle increase to 9.5% y/y. The core measure slowed for the second month, from 8.9% y/y to 8.7%, and food price inflation from 10.2% y/y to 10.1%. The headline rate has now been above the target range of between 6% and 9% y/y for five months. The authorities might have been expected in other circumstances to tighten their stance but have instead become relaxed about above target inflation.
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