Nigeria Inflation Rate Falls to New 2-1/2-Year Low

Nigeria's annual inflation rate eased further to 11.14 percent in July 2018 from 11.23 percent in the previous month, and matched market expectations of 11.1 percent. It was the lowest inflation rate since January 2016.

Food inflation slowed to 12.85 percent in July, also the lowest since March 2016, from 12.98 percent in the previous month.

Also, prices increased at a softer pace for: clothing & footwear (10.57 percent vs 11.02 percent); furnishings & household equipment maintenance (10.66 percent vs 11.22 percent); health (9.94 percent vs 10.45 percent); restaurants & hotels (9.63 percent vs 10.19 percent); and miscellaneous goods & services (10.29 percent vs 10.30 percent). Meanwhile, inflation picked up for housing & utilities (7.27 percent vs 7.05 percent); transport (10.92 percent vs 10.88 percent); education (9.89 percent vs 9.73 percent); recreation & culture (8.28 percent vs 8.05 percent); communication (5.87 percent vs 5.43 percent).

Annual core inflation which excludes price of volatile agricultural products fell to 10.18 percent in July from 10.39 percent in the previous month.

On a monthly basis, consumer prices went up 1.1 percent in July, following a 1.2 percent gain in June.

Nigeria Inflation Rate Falls to New 2-1/2-Year Low

National Bureau of Statistics | Joana Ferreira |
8/15/2018 10:55:39 AM