Nigeria Inflation Rate Edges Down to 16.05% in July

Consumer prices in Nigeria increased 16.05 percent year-on-year in July of 2017, easing slightly from a 16.1 percent rise in June and compared to market expectations of 16 percent. It is the lowest reading since May of 2016 amid a slowdown in cost of housing and energy. On the other hand, food inflation hit the highest since the new CPI series began in 2009.

Year-on-year, prices rose less for housing and utilities (9.56 percent compared to 10.93 percent in June); transport (11.74 percent compared to 12.24 percent); education (14.99 percent compared to 16.04 percent) and alcoholic beverages and tobacco (9.5 percent compared to 9.89 percent). On the other hand, inflation rose for food (20.28 percent compared to 19.91 percent), mainly due to higher prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables. Additional upward pressure came from cost of clothing and footwear (15.77 percent compared to 15.71 percent); furnishings and household equipment maintenance (12.27 percent compared to 11.25 percent); health (10.29 percent compared to 9.41 percent); miscellaneous goods and services (10.43 percent compared to 10.29 percent) and restaurants and hotels (8.77 percent compared to 8.02 percent).

Annual core inflation which excludes prices of volatile agricultural products eased to 12.21 percent from 12.46 percent in June. 

On a monthly basis, consumer prices increased 1.21 percent, below 1.58 percent in June. 

Nigeria Inflation Rate Edges Down to 16.05% in July

National Bureau of Statistics | Joana Taborda |
8/28/2017 9:37:32 AM