Inflation in Nigeria drops to 11.14% in July

Nigeria’s inflation declined to 11.14% for the 18th time year-on-year according to data released by the National Bureau of Statistics (NBS), Wednesday.

The July inflation declined 0.09% points less than June’s 11.23%, representing an 18th  consecutive disinflation in headline inflation year on year.

Figures show that urban inflation rate eased by 11.66% (year-on-year) in July 2018 from 11.68 percent recorded in June 2018, while the rural inflation rate remained flat at 10.83 percent in July 2018 from 10.83 percent in June 2018.

On a month-on-month basis, the urban index rose by 1.23% last month, down by 0.01 from 1.24% recorded in June, while the rural index also rose by 1.18% last month, down by 0.05% previously recorded 1.23% in June, statistics from the data body shows.

Nigeria’s composite food index rose by 12.85% last month, compared to 12.98 percent in June 2018, representing a consecutive decline in year on year food inflation since September 2017.

This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers and vegetables.