Nigeria: Inflation stabilizes at high levels in July
August 18, 2015
In July, consumer prices increased 0.7% over the previous month. The print was below the 0.9% rise tallied in June and marked a five-month low. According to the National Bureau of Statistics, all categories increased at a slower pace in July, with the exception of the health division.
Inflation was stable in July at the previous month’s 9.2%, which marked the highest reading since February 2013. Annual average inflation inched up from June’s 8.4% to 8.5% in July, thereby reaching a 20-month high.
Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in July over the previous month (June: +0.7% month-on-month). Core inflation rose from 8.3% in June to a 13-month high of 8.7% in July.