Nigeria Inflation Rate Up to 8.7% in July

In July of 2013, Nigeria's annual inflation rate increased to 8.7 percent, from 8.4 percent in June, mainly due to higher food and house prices. Yet, the quantity of new harvested crops has not been enough to impact prices and reduce the inflation rate.

In July, the heavily weighted food index increased 9.95 percent year-on-year, up from 9.5 percent recorded in June. Prices for housing, water, electricity, gas and other fuels increased 8.2 percent, after slowing in the previous month to 7.8 percent and cost of clothing and footwear increased 7.6 percent, from 7.6 percent in the previous month. Transport prices went up by 7.14 percent, from 7 percent in June.

In July, both urban and rural CPI accelerated from June’s figures to 8.8 percent and 8.6 percent, respectively, from 8.4 percent and 8.3 percent respectively recorded in June.

The core index, which excludes prices of volatile agricultural products, increased by 6.6 percent year-on-year, up from 5.5 percent recorded in the preceding month. 

On a month-over-month basis, prices eased for the third month in a row to 0.54 percent in July, from 0.59 percent in June. The food sub-index increased by the same rate in July as in June: 0.7 percent. 

Nigeria Inflation Rate Up to 8.7% in July

National Bureau of Statistics | Joana Taborda |
8/19/2013 4:50:32 PM