Nigeria’s Inflation Drops to 11.14% in July – NBS

Nigeria’s inflation dropped for the eighteenth consecutive month to 11.14 percent in July, according to the National Bureau of Statistics (NBS). According to the bureau, the figure is 0.09 per cent points less than the rate recorded in June. The bureau said the figure showed 18 consecutive reductions in inflation rate since January 2017.

The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index. The inflation report shows that the July figure moderated from 11.23 percent year on year in June. The data came in 2 bps below Cordros Securities Limited forecast of 11.16 percent year on year and 13 bps ahead of Bloomberg compiled average estimate of 11.01 percent year on year.

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 lower than the 12.98 percent 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”, according to NBS.