Nigeria’s annual inflation rate eased further to 11.14 percent in July 2018 from 11.23 percent in the previous month, matching market expectations of 11.1 percent. It was the lowest inflation rate since January 2016, as food prices rose at a softer pace. Inflation
The National Bureau of Statistics in its report issued today said this is the eighteenth consecutive disinflation in headline index.
On food index, the NBS report said this rose by 12.85 per cent in July compared to 12.98 per cent recorded in June. This, it noted, represents the tenth consecutive decline in year on year food inflation since September 2017.
The report said the rise in the food index was caused by increases in prices of potatoes, yam and other tubers, vegetables, bread and cereals, fish, oils and fat and fruits.