Nigeria: Inflation surges to near 17-year high in July
August 17, 2022
Consumer prices rose 1.82% month on month in July, stabilizing from June. The print, which marked a joint seven-month high, came on the back of broadly stable price increases for food and non-alcoholic beverages, clothing and footwear, and housing, water, electricity and gas.
Inflation, meanwhile, jumped to the highest level since September 2005, coming in at 19.6% in July (June: 18.6%). Consequently, the trend deteriorated as annual average inflation rose to 16.8% in the month, from 16.5% in June. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 16.3% in July from June’s 15.7%.