Nigeria: Inflation rises for third month running in July
August 16, 2020
Consumer prices rose 1.25% in July over the previous month, marginally above the 1.21% increase seen in June. July's result was the sharpest increase in prices since June 2017 and was largely driven by quicker price growth for food.
Inflation increased from June’s 12.6% to 12.8% in July, the highest reading since March 2018. Consequently, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation edged up to 12.1% in July (June: 11.9%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.75% over the previous month in July, moderating from June's 0.86% increase. Core inflation held steady at 10.1% for the third month in a row in July.
Author: Javier Colato, Economist