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The Nigerian Consumer Price Index (CPI), which measures inflation, decreased by 11.14 percent (year-on-year) in July 2018. According to a report issued by the National Bureau of Statistics on Wednesday, the headline index has continued its deceleration for the 18th consecutive month, dropping from 11.23 percent recorded in June 2018.  

This decline is 0.13 percentage points higher than the prediction made by the FSDH Research, an arm of the FSDH Merchant Bank Limited. The research firm had estimated the inflation rate will moderate at 11.01 percent last month, and end the year at 10.40 percent, without reaching the singe-digit target.

The NBS reported that on a month-on-month basis, the headline index decreased by 1.13 percent compared to the 1.24 percent recorded in June.

Food inflation declined by 12.85 percent y/y in July, 0.13 percentage points lower than the 12.98 percent recorded in June. This represents the 10th consecutive decline in food inflation since September 2017.

Highest increases were recorded in the prices of potatoes, yam and other tubers, vegetables, bread and cereals, fish, oils and fat, and fruits.

The Core Inflation index, which is all items less farm produce, eased to 10.2 percent in July, compared to 10.4 percent recorded in June. Month-on-month, the index fell by 0.22 percentage point from 1.03 percent recorded in June to 0.81 percent in July.