Nigeria Inflation July 2019

Nigeria

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.

FocusEconomics Consensus Forecast panelists expect inflation to average 11.4% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, inflation is seen averaging 11.2%.


Author:, Economist

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Nigeria Inflation July 2019

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics and FocusEconomics calculations.


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