Nigeria: Inflation falls to lowest level since January 2016
Consumer prices rose 1.13% on a month-on-month basis in July, below June’s 1.24%. The result marked the first month of declining price pressures since February and was driven by a softer increase in food prices.
Inflation came in at 11.1% in July, inching down from 11.2% in June and marking the lowest level since January 2016. Although Inflation has fallen for 18 consecutive months, it is still well above the Central Bank’s target range of 6.0%–9.0%.
Core consumer prices, which exclude volatile agricultural produce, rose 0.81% month-on-month in July, below June’s 1.10% increase. In addition, core inflation fell to 10.8% in July (June: 11.2%).