Nigeria’s Inflation Drops to 11.14%
Nigeria’s headline consumer price index extended deceleration (which started in 2017) to the eighteenth consecutive month. Headline inflation was 11.14 percent year on year ( y/y )in July, according to a report released on Wednesday by the National Bureau of Statistics (NBS).
The inflation report shows that the July figure moderated from 11.23 percent y/y in June. The data came in 2 bps below Cordros Securities Limited forecast of 11.16 percent y/y and 13 bps ahead of Bloomberg compiled average estimate of 11.01 percent y/y.
Meanwhile, on month-on-month basis, the headline index increased by 1.13 percent (vs. 1.24% the previous month) – the first month-on-month decline since February 2018.
Food inflation rose by 12.85 percent y/y in the review period, lower than the 12.98 percent y/y recorded in June.
“Notably, the highest increase was recorded in the prices of potatoes, yam and other tubers, vegetables, bread and cereals, fish, oils and fat and fruits. On month-on-month basis, food inflation increased at a slower pace of 1.40%, compared to the 1.57% recorded in the previous month”, NBS disclosed.