Nigeria: Inflation falls to one-year low in July
August 16, 2019
Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb. The moderation was chiefly driven by softer price increases for food.
Inflation inched down from 11.2% in June to 11.1% in July, marking a one-year low. That said, it remains well above the Central Bank’s target range of 6.0%–9.0%.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.77% month-on-month in July, below June’s 0.85% increase. Core inflation held steady at an over three-year low of 8.8% in July.
Author: Javier Colato, Economist