Nigeria’s Inflation Slows Down to 11.08%: FG

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SWITZERLAND, SEPTEMBER 2 – Nigeria’s annual inflation rate edged down to 11.08 percent In July 2019 from 11.22 percent in the previous month. It was the lowest inflation rate since July 2018, amid a generalized slowdown in prices, especially for food.

This was contained in a new report released by the Federal Government. Inflation Rate in Nigeria averaged 12.44 percent from 1996 until 2019, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000.

Year-on-year, prices slowed for food (13.39 percent vs 13.56 percent in June); housing & utilities (7.08 percent vs 7.14 percent); transport (8.71 percent vs 8.88 percent); clothing & footwear (9.83 percent vs 9.86 percent); furnishings & household equipment maintenance (9.12 percent vs 9.24 percent); education (8.57 percent vs 8.82 percent); health (9.05 percent vs  9.30 percent); miscellaneous goods & services (8.41 percent vs 8.55 percent); restaurants & hotels (8.07 percent vs 8.24 percent); alcoholic beverages, tobacco and kola (10.16 percent  vs 10.28 percent) and recreation & culture (7.82 percent vs 8.05 percent).


Meanwhile, cost continued to advance for communication (7.76 percent vs 7.73 percent).
Annual core inflation, which excludes price of volatile agricultural products, edged down to 8.80 percent in July, it lowest level since December 2015, from 8.84 percent in the previous month.
On a monthly basis, consumer prices increased 1.01 percent, slightly lower than a 1.07 rise in June.

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