Nigeria’s Inflation In 18th Monthly Decline, Drops To 11.14% In July

For the 18th consecutive month, Nigeria’s inflation rate grew at a slower pace, rising by 11.14% Year-on-Year in July, as against the 11.23% recorded in the preceding month, while climbing 1.13% Month-on-Month, from 1.24% in prior month.
This, the according to the report by Nigeria’s National Bureau of Statistics (NBS), “represents the first-time month on month headline inflation has declined since February 2018.”
The percentage change in the average composite CPI for the 12-month “period ending July 2018 over the average of the CPI for the previous twelve months period was 13.95 percent, showing 0.42 percent point from 14.37 percent recorded in June 2018.”
The growth drivers remained food stuffs such as potatoes, yam and other tubers, bread and cereals, vegetables, fruits, oil and fats, as well as fish.
Food sub-index for the month recorded a 12.85% climb from 12.98% YoY in June, while MoM, it dropped from 1.57% to 1.4%; just as “average annual rate of change of the Food sub-index for the twelve-month period ending July 2018 over the previous 12-month average was 17.1%, 0.65% points from the average annual rate of change recorded in June (17.75%).
Urban inflation fell also from 11.68% in prior month to 11.66% YoY, but rose MoM by 1.23%, compared to the preceding 1.1%; just as rural inflation remained neutral at 10.83% YoY. MoM, there was however a drop to 1.18% from 1.23%.
Inflation for the month, on a YoY basis, was at its peak in Kebbi, where it stood at 13.43%; followed by Rivers, 13.09%; and Kaduna, 13.01%; while the slowest rise was recorded in Plateau, 8.82%; Ogun, 8.86%; and Kwara, 9.63%.
On a monthly basis, inflation was highest in Kaduna, 2.76%; Bauchi, 2.54%; and Ondo, 2.3%; and slowest in Osun, 0.23%; Kogi, 0.62%; and Adamawa, 0.65%.
YoY, food inflation peaked in Abuja at 15.85%; Bayelsa, 15.75%; and Imo, 15.46%; and slowest in Plateau, 9.4%; Bauchi, 10.44%; and Kano, 10.5%; just as MoM rise was highest in Kwara, 4.57%; followed by Kaduna, 3.99%; and Imo, 3.44%. The slowest was in Kogi, where it recorded where rather than rising, it dropped by 0.44%; while that of Osun rose 0.16%; and Osun, 0.38%.