City in Nigeria

Nigeria Inflation July 2020

Nigeria: Inflation rises for third month running in July

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.

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