Nigeria’s inflation fell to 11.14% in July

Nigeria’s inflation fell to 11.14% in July

The statistics office of Africa’s largest economy, the National Bureau of Statistics that inflation in the month of July fell to 11.14 percent (year-on-year) in July 2018.

The NBS said the data is 0.09 percent points less than the rate recorded in June 2018 (11.23) percent and represents an eighteenth consecutive disinflation in headline inflation year on year.

Increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 1.13 percent in July 2018, down by 0.11 percent points from the rate recorded in June 2018 (1.24 percent). This represents the first-time month on month headline inflation has declined since February 2018.

The percentage change in the average composite CPI for the twelve months period ending July 2018 over the average of the CPI for the previous twelve months period was 13.95 percent, showing 0.42 percent point from 14.37 percent recorded in June 2018.