Nigeria Inflation Data Eases To 17.38 Per Cent In July

The consumer price index (CPI) released by the National Bureau of Statistics (NBS) Tuesday shows the headline inflation slowed for the fourth consecutive month in July from a year-on-year (YoY) growth of 17.75 per cent reported in June to 17.38 per cent.

The CPI measures the changes in prices of goods and services over time using a weighted average.

July’s headline inflation rate is 0.37 percentage points lower than the rate reported in June, showing that the inflation rate increased at a slower speed.

The month-on-month inflation rate stood at 0.93 per cent against 1.06 per cent recorded the previous month, according to the NBS data.

The core inflation, which measures others but the less volatile item (food), was 13.72 per cent YoY while the food segment remained extremely high at 21.03 per cent. This puts the differential between core and food inflation at 7.31 per cent.

The country’s headline inflation has increased consistently for three years until the April breather when it decelerated from 18.17 per cent to 18.12 per cent. Since then, the growth has remained downward, according to data supplied by NBS.