Inflation Rate Remains At 9.2 per cent In July

The Nigerian inflation rate remained unchanged at 9.2 per cent in July, from what it was in the month of June.

The Food Sub-index rose by 10.0 per cent, year-on-year, increasing at the same pace for the second consecutive month.

According to a monthly release from Nigerian Bureau of Statistics (NBS), the rates recorded in June and July are the highest for the year, a slower increase in the Meats, Fish, Fruits and “Potatoes, Yams and Tubers” groups weighted on the Food Sub-index as a whole. Faster price increases were observed in the “Bread and Cereals”, “Milk, Cheese and Eggs” and “Oils and Fats” groups, while the pace of increase in the price of vegetables held constant over the June and July.

The Headline index has held at the same rate for the second consecutive month as a result of muted rises in the “Food and Non Alcoholic Beverages”, “Housing Water, Electricity, Gas and Other Fuel”, and “Furnishings & Household Equipment Maintenance” divisions amongst others.

Inflation in July was stable at June’s 9.2%, thus indicating that the pace of advances recorded by the “All Items less Farm Produce” or Core sub-index increased at a faster pace in July.’’

The Core Sub-index increased by 8.8 percent (year-on-year), 0.4 percentage points from 8.4 recorded in June with the highest pressures observed in the Transportation,  Education and Miscellaneous Good and Services  divisions. The pace of increases slowed in multiple divisions such as the Communications, Recreation and Culture and Restaurant and Hotels divisions.

On a month-on-month basis, the pace of the increase in the Headline index eased for the second consecutive month, increasing by 0.7 percent in July, from 0.9 percent recorded in June.

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