Inflation figures for July 2017 released by the National Bureau of Statistics (NBS) on Monday shows headline inflation declined by 5bps to 16.05 percent YoY, the sixth consecutive decline in headline YoY inflation since January 2017. The figure stood at 16.10 percent YoY in June.
The rate of annual inflation was 0.05 percent lower than 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.
On a month-on-month (MoM) basis, headline inflation printed at 1.21 percent MoM, 37bps lower than 1.58 percent in June. Core inflation declined further to 12.20 percent YoY (June: 12.50 percent YoY). Urban inflation moderated by 11bps to 16.04 percent YoY (June: 16.15 percent YoY) while Rural inflation rose to 16.08 percent YoY (June: 16.01 percent YoY).
Nigeria is in its second year of recession and is contending with a currency crisis and dollar shortages brought on by low oil prices.
