Nigeria’s consumer inflation eased to 15.43% year-on-year in July, the National Bureau of Statistics reported on Friday. The figure marks the lowest reading since February and follows a 16.16% increase in June.
The slowdown was attributed to a moderation in food and energy prices, which have been primary drivers of inflationary pressures in recent months. Food inflation, a key component of the index, declined to 19.54% from 20.62% in June, while core inflation, excluding volatile items, fell to 12.53% from 13.09%.
Analysts noted that the central bank’s tightening measures, including a 100 basis-point rate hike in July, may have contributed to the deceleration. The Monetary Policy Committee raised the benchmark interest rate to 18.75% to curb inflationary trends.
Despite the improvement, inflation remains well above the central bank’s target range of 6-9%. Persistent price pressures continue to weigh on household purchasing power and economic activity.
The naira’s recent stability against the dollar, supported by central bank interventions, has also helped stabilize import costs, particularly for fuel and food items.
