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Nigeria: Inflation declines in July
Latest reading: Inflation came in at 21.9% in July, down from June’s 22.2%. The deceleration was primarily driven by lower prices pressures for housing and utilities plus transportation.
In addition, the trend pointed down, with annual average inflation coming in at 25.6% in July (June: 26.6%). Meanwhile, core inflation fell to 21.4% in July from June’s 22.4%.
Lastly, consumer prices rose 1.99% in July over the previous month, accelerating from June’s 1.68% increase. July’s figure was the highest reading since March.
Outlook: After January’s change in inflation methodology, our panel has cut its 2025 inflation forecasts by 3.3 percentage points. Panelists now expect a high base of comparison and the lower weight of food in the basket to bring inflation under 2024’s level by more than previously expected.
