Nigeria’s inflation rate hits 17.1% in July – National Bureau of Statistics

Banks make N65.16trn transactions – NBS
Banks make N65.16trn transactions – NBS
United Bank for Africa

The consecutive acceleration in the nation’s headline inflation marks the ninth month at a stretch that Consumer Price Index (CPI) has increased, with the recent reports by the National Bureau of Statistics (NBS) that inflation has risen to 17.1 percent in July from 16.5 per cent in June.

The statistics agency on Wednesday said the CPI, which measures inflation, was 0.6 percent points higher from the points recorded in June.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; Health, Transport, and Recreation and Culture divisions.

“The onset of the harvest season is yet to have a significant impact on food prices.

“It is yet to have a significant impact as the Food Sub-index increased by 15.8 per cent (year-on-year) in July, 0.5 percent points lower from rates recorded in June.

“Prices however increased at a slower pace across a few groups within the Food sub-index namely Milk, Cheese and Eggs; Oils and Fats; and Fruits,’’ it said.

The report added that imported foods as reflected by the Imported Food Sub-index increased by 0.4 percent points from June to 20.5 percent in July.

It said that energy and energy related prices continued to be the largest increases reflected in the Core sub-index.

“In July, the Core sub-index increased by 16.9 per cent during the month, up by 0.7 per cent points from rates recorded in June (16.2 per cent).

“During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Solid Fuels, and “Fuels and Lubricants for Personal Transport Equipment” groups.

“Month-on-month, the Headline index increased albeit, at a slower pace for the second consecutive month in July.

“The index increased by 1.3 percent in July, 0.4 per cent points from 1.7 percent recorded in June,’’ the report stated.