Nigeria: Cost of food fuels inflation

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Cost of food fuels inflation

Nigeria’s annual consumer price inflation edged up last month to 7.8 percent from 7.7 percent in February as food prices rose, the statistics bureau said on Monday. Food price inflation inched up to 9.3 percent from 9.2 percent the previous month. “Prices were pushed higher as a result of higher prices in bread and cereals, fish, dairy, oils and fats, and fruits,” the bureau said in its monthly inflation release. – Reuters


Scrap metal exports banned

Ghana had banned the export of ferrous scrap metal immediately in a bid to make more raw material available to sustain the West Africa country’s steel industry, Trade Minister Haruna Iddrisu said yesterday. Iddrisu said the government was also drafting legislation to establish an international trade commission to deepen and enforce anti-dumping measures. Steel manufacturers in Ghana have complained they do not have enough raw materials to sustain the industry yet tons of the metals are exported to countries which in turn dump finished goods on the market at cheaper prices. Iddrisu said that the ban came into effect immediately. – Reuters


Prices fall by almost 1%

Zimbabwe’s deflation accelerated to 0.91 percent year on year last month from 0.49 percent in February, partly because prices of food and non-alcoholic beverages declined, the national statistics agency said yesterday. On a month-on-month basis, deflation was 0.22 percent compared with an inflation rate of 0.05 percent in February. – Reuters

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