Nigeria: Inflation ticks down to seven-month low in August
September 16, 2021
Consumer prices rose 1.02% in August, up from July’s 0.93% increase. The print came on the back of stronger food price growth offsetting a softer increase in prices for clothing and footwear.
Inflation eased further in the month, coming in at a seven-month low of 17.0% (July: 17.4%). The trend, however, pointed up as annual average inflation rose to 16.6% in August from July’s 16.3%. Lastly, core inflation, which excludes volatile agricultural produce, clocked in at 13.4% in August from 13.7% in July.
Analysts at Goldman Sachs commented:
“We expect food output to improve over the coming months due to the harvest season and this should continue to push food inflation lower into year-end.”