Nigeria: Inflation inches down to over three-year low in August
Consumer prices rose 0.99% on a month-on-month basis in August, marginally below July’s 1.01% climb. The moderation was mainly driven by slower growth of food prices.
Inflation inched down from 11.1% in July to 11.0% in August, the lowest reading since January 2016. Nevertheless, it still remains above the Central Bank’s target range of 6.0%–9.0%. Moreover, annual average inflation held steady for the fifth consecutive month at 11.3% in August.
Meanwhile, core consumer prices, which exclude volatile agricultural produce, rose 0.67% month-on-month in August, below July’s 0.77% increase. Core inflation edged down to an over three-year low of 8.7% in August (July: 8.8%).