Nigeria’s headline inflation rose by 105bps in July to 19.64% y/y (June: 18.60% y/y) the highest print since September 2005 (24.32% y/y).
The outturn is 2bps shy of Cordros’ estimate (19.66% y/y) and 24bps higher than Bloomberg’s median consensus estimate (19.40% y/y). On a month-on-month basis, headline inflation was flat at 1.82%.
Food inflation increased to a 14-month high, rising by 142bps to 22.02% y/y (June: 20.60% y/y).
Pressures were most significant in the prices of Bread and cereals, Food products, Potatoes, yam and other tubers, meat, fish, oil, and fat. On a month-on-month basis, food inflation increased by 2.04%, relative to the 2.05% m/m recorded in the previous month
Similarly, the core inflation rose by 51bps to 16.26% y/y (June: 15.75 y/y) – its highest level since January 2017 (17.87% y/y).
Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing. Compared to the previous month, the core index advanced by 19bps to 1.75% m/m in July 2022.
