Inflation hits lowest level in 2 years at 11.14%

August 16th, 2018

By Chika Otuchikere

Nigeria’s annual inflation slowed to 11.14 percent in July, its lowest level in more than two years, the National Bureau of Statistics (NBS) said on Wednesday.

The latest figure however remained above the Central Bank of Nigeria (CBN) single-digit target.

The report made public by the NBS revealed that the Consumer Price Index (CPI), which measures inflation, stood at 11.14 per cent, a 0.09 percentage point drop over the 11.23 per cent posted in June, the 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 come down 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.

The urban inflation rate reduced by 11.66 percent (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 percent in July 2018, down by 0.01 from 1.24 percent recorded in June, while the rural index also rose by 1.18 percent in July 2018, down by 0.05 percent from the rate recorded in June 2018 (1.23) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 14.33 percent in July 2018. This is more less 14.71 percent reported in June 2018, while the corresponding rural inflation rate in July 2018 is 13.64 percent compared to 14.08 percent recorded in June 2018.

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