Inflation rises to 17.1 percent in July

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Nigeria inflation rate rose 17.1 percent in July up from 16.5 percent in June, 2016 after a sixth successive month of a relatively strong increases in the Consumer Price Index (CPI).

This month inflation figure came in lower than consensus estimate of 17.3 percent. Month on month inflation rose at a slower pace of 1.3 percent in July, compared with the 1.7 percent recorded in June.

Food inflation jumped to 15.8 percent, from 15.3 percent in the previous month. On month on month basis, food prices rose at slower pace, rising 1.2 percent versus the 1.4 percent recorded in June. Imported inflation jumped to 20.5 percent from 20.0 percent as the pressure from the weakening exchange rate continued to weigh on prices.

Core inflation increased to 16.9 percent versus 16.2 percent in June. On a month on month basis prices, in the “All items less farm produce” index rose at a slower pace for a second consecutive month, rising by 1.2 percent versus 1.8 percent in the month of June.

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