Nigeria, Feb. 17 -- Nigeria recorded single-digit food inflation of 8.89 per cent in January, after over a decade of high staple food prices, a report by the National Bureau of Statistics (NBS) showed.

The NBS inflation report showed that the drop in the food inflation rate is the lowest recorded in the last 14 years, when food inflation stood at 8.66 per cent in August 2011.

The report attributed the slowdown to reductions in the average prices of water yams, eggs, green peas, groundnut oil, soya beans, palm oil, and maize grains.

The Centre for the Promotion of Private Enterprise (CPPE), in a statement signed by its Chief Executive Officer, Muda Yusuf, on Monday, stated that while the recent drop in food prices is strengthening consu...