Nigeria: Inflation jumps in July to highest level since 2005
August 18, 2016
In July, consumer prices increased 1.3% over the previous month, which was below June’s 1.7% rise.
Inflation jumped from June’s 16.5% to 17.1% in July, marking the highest print since October 2005 but falling marginally short of market expectations of 17.2%. According to the National Bureau of Statistics, inflation was driven up by faster price increases across all sub-categories except for health, transport, recreation and culture. Annual average inflation rose from June’s 11.4% to 12.0% in July, thereby reaching an over-three-year high.
Core consumer prices, which exclude farm products and energy prices, rose 0.9% in July over the previous month, which was below June’s 1.6% rise. Core inflation increased from 13.3% in June to 13.6% in July.