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.
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.
*TRADING ECONOMICS
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