LAGOS, Aug 16, – Nigeria\’s inflation rate dropped to 11.1 percent on a 12-month basis in July from 11.2 percent the previous month, the National Bureau of Statistics said Sunday.
"The composite consumer price index or CPI rose 11.1 percent year-on-year in July 2009 and it is slower than the 11.2 percent increase in the previous month," it said.
Nigerian inflation had risen steadily since the second quarter of 2008, soaring to 14 percent in July last year.
Oil-rich Nigeria with some 140 million inhabitants had managed to slow inflation for most of 2006 and 2007 through a series of belt-tightening measures.
