Inflation slows in Nigeria for the first time since November 2014

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In this photo taken Tuesday Oct. 20, 2015, a money changer counts Nigerian naira currency at a bureau de change, where a dollar buys 222 naira compared to the official rate of 198, in Lagos, Nigeria. The IMF is pressing Nigeria to further devalue its naira currency amid uncertainty over the political and economic outlook for Africa's biggest oil producer and economy. Analysts said there's disappointment that President Muhammadu Buhari's long-awaited Cabinet list includes no economic stars. The naira has lost 25 percent of its value in the past year and the stock market has plummeted because of political uncertainty and halved prices for oil that provides most government revenue. (AP Photo/Sunday Alamba)
In this photo taken Tuesday Oct. 20, 2015, a money changer counts Nigerian naira currency at a bureau de change, where a dollar buys 222 naira compared to the official rate of 198, in Lagos, Nigeria. The IMF is pressing Nigeria to further devalue its naira currency amid uncertainty over the political and economic outlook for Africa’s biggest oil producer and economy. Analysts said there’s disappointment that President Muhammadu Buhari’s long-awaited Cabinet list includes no economic stars. The naira has lost 25 percent of its value in the past year and the stock market has plummeted because of political uncertainty and halved prices for oil that provides most government revenue. (AP Photo/Sunday Alamba)

Abuja (Reuters) – Nigeria’s consumer inflation was 9.3 percent year on year in October compared with 9.4 percent in September, data from the National Bureau of Statistics showed, marking the first slow down since November 2014.

Food inflation also edged lower in October to 10.1 percent year-on-year versus 10.2 percent the previous month.

Inflation in Africa’s biggest oil producer had been steadily rising since the end of last year as the crash in global crude prices sent its currency, the naira, tumbling. Inflation crossed the central bank’s upper target of 9 percent earlier this year.

The central bank has devalued the naira twice in the last year but the government is against more. Foreign exchange restrictions were imposed in June to preserve its foreign reserves and with a hope to reignite local industry.

(Reporting By Camillus Eboh, Writing by Julia Payne; editing by Susan Thomas)

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