Nigeria’s Headline Inflation Moderates to 21.88 % in July as the Harvest Season Kicks in
Nigeria’s headline moderated to 21.88 per cent year-on-year in July as the harvest season kicked in.
According to analysts at FBNQuest, the easing in July’s inflation reading, driven by a high base effect, the commencement of the food harvest season, and improved stability across key inflationary drivers.
The headline inflation rate moderated to 21.88 per cent year-over-year in July, down from 22.22 per cent recorded in June.
The month-on-month readings have remained relatively sticky. This suggests that underlying price pressures persist, indicating that inflationary risks have not been fully neutralised.
On a month-on-month basis, Headline increased by 1.99 per cent in July, compared with 1.68 per cent the previous month.
The continued pressure on monthly price levels is primarily driven by disruptions in the food supply chain, which stem from persistent security challenges across key agricultural regions.
However, core inflation and food inflation dropped to 0.97 per cent, up from 3.12 per cent in July.
