Nigeria Inflation

Inflation decelerates in July from June

Latest reading: Consumer prices rose 15.4% on a year-on-year basis in July, following a 15.9% rise in the previous month. Relative to the prior month's figures, there were milder price pressures for clothing and footwear (+4.0% in annual terms vs +6.4% in June) and transport (+15.5% vs +15.6% in June). In contrast, price pressures were higher for housing and utilities in July (+12.6% vs +11.2% in June). Finally, the variation in food and non-alcoholic beverages prices was the same as in the prior month (+18.3% in July and June). Meanwhile, core consumer prices increased 14.1% on a year-on-year basis in July, following a 15.4% rise in the prior month. Lastly, consumer prices increased 1.57% in July on a month-on-month basis, following a 1.66% rise in the previous month.

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