Nigerian Inflation Slows for Ninth Straight Month in October

Nigerian Inflation Slows for Ninth Straight Month in October

LAGOS (Capital Markets in Africa) – Nigerian consumer inflation slowed marginally for a ninth consecutive month in October as food-price growth stayed above 20 percent. The inflation rate in Africa’s most-populous nation fell to 15.91 percent from 15.98 percent in September, the Abuja-based National Bureau of Statistics said in an e-mailed report on Tuesday. The median of 12 economists’ estimates compiled by Bloomberg was 15.9 percent. Prices rose 0.8 percent in the month. On Nov….

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Kenyan Inflation Rate at 17-Month Low as Food-Cost Growth Slows

Kenyan Inflation Rate at 17-Month Low as Food-Cost Growth Slows

NAIROBI (Capital Markets in Africa) – Kenyan inflation slowed to a 17-month low in October as food-price growth decelerated and demand was hamstrung by political uncertainty. Consumer prices rose 5.7 percent from a year earlier, compared with 7.1 percent in September, the Kenya National Bureau of Statistics said Tuesday in an emailed statement from the capital, Nairobi. Costs decreased 0.6 percent in the month. The economy of the world’s largest shipper of black tea has been hit…

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Bank of England Governor Mark Carney Confirms Rate Hike Is Near

Bank of England Governor Mark Carney Confirms Rate Hike Is Near

LONDON (Capital Markets in Africa) – Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 percent and one of his colleagues said the economy is approaching a “tipping point.” In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signalled that the erosion of economic slack is dominating their thinking as they prepare for…

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Selected Capital Markets, Economic and Political News Around Africa

Selected Capital Markets, Economic and Political News Around Africa

Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

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Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest…

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Record-High Nigeria Rate Seen Held on Inflation, Naira Woes

Record-High Nigeria Rate Seen Held on Inflation, Naira Woes

LAGOS (Capital Markets in Africa) – Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again — and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at its decision this week to contain above-target consumer-price growth. Officials can take heart…

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Egypt Inflation Rate Surges to Record After Subsidy Cuts

Egypt Inflation Rate Surges to Record After Subsidy Cuts

CAIRO (Capital Markets in Africa) – Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fuelled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at…

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