Nigeria’s inflation rate drops to 11.08% in July 2019

Nigeria’s inflation rate fell to 11.08% year-on-year in July 2019, the National Bureau of Statistics (NBS) reports.

The NBS said this in its report on the CPI and inflation of July 2019, published in Abuja on Friday, August 16th.

This rate is 0.14 percentage points lower than the rate recorded in June 2019 (11.22%), with increases recorded in all individual consumption by purpose that generated the overall index.

On a monthly basis, the Headline index increased by 1.01% in July 2019. This rate is 0.06% lower than in June 2019 (1.07%).

The percentage change in the average composite CPI for the twelve months ending July 2019 compared to the CPI average for the previous 12 months was 11.29%, compared to 11.29% in June. 2019.

The highlights of the report are:

  • The composite food index rose by 13.39% in July 2019 compared to 13.56% in June 2019.
  • The urban inflation rate increased by 11.43% (year-on-year) in July 2019 from 11.61% recorded in June 2019, while the rural inflation rate increased by 10.64% in July 2019 from 10.87% in June 2019.
  • Year-on-year, Kebbi (15.41%), Kano (13.47%) and Zamfara (13.13%) recorded the highest inflation in July 2019 while Cross River (8.87%), Delta (8.76%) and Kwara (7.93%) recorded the slowest rise in headline inflation.
  • On month on month basis, Yobe (2.06%), Kano (2.04%) and Taraba (1.84%) recorded highest while Akwa Ibom (0.19%) recorded the slowest rise with Bauchi and Ondo recording price deflation.

In the CBN’s post-election strategiesGodwin Emefiele said the monetary authority will continue to tighten economic policy due to the inflation outlook.

He said the Central Bank had projected that Nigerian economy to grow by 3% in 2019, higher than the 1.93% recorded in 2018 and inflation rising to 12% this year before moderating.

 

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