Nigeria: Inflation Slows for the Sixth Consecutive Month

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Annual inflation in Africa’s largest country, Nigeria, slowed for the sixth consecutive month in July, falling to 16.05 percent, from 16.10 during the same period last year. However, the rise in food inflation from 19.91 percent to 20.28 percent in mid-year, was the highest in eight years, Nigeria’s National Bureau of Statistics (NBS) reported on Monday.

“The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 percent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.”

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the Headline index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”

A separate food price index showed inflation rose to 20.28 percent in July, up from 19.91 percent in June, the biggest year-on-year increase since 2009, the statistics office said.

“The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables,” the report said.

Nigeria is in its second year of recession and has had to contend with a currency crisis and dollar shortages brought on by low oil prices.

 

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