Based on the CPI data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation slowed by 176bps to 20.12% y/y in August (July: 21.88% ).
On a month-on-month basis, consumer prices slowed by 125bps to 0.74% (July: 1.99% m/m).
Food inflation decreased by 87bps to 21.87% y/y in August (July: 22.74% y/y). On a month-on-month basis, food inflation slowed by 147bps to 1.65% (July: 3.12% m/m), attributed to the rate of decrease in the average prices of Rice (Imported), Rice (local), Guinea corn flour, Maize flour sold loose, Guinea Corn (Sorghum), Millet, Semolina, Soya milk, etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 100bps to 20.33% in August (July: 21.33% y/y).
However, on a month-on-month basis, the core index inched higher by 46bps to 1.43% m/m (July: 0.97% m/m).