Thursday, August 16, 2018 6.00PM / Proshare WebTV
The Nigerian Inflation report for July, 2018 was released yesterday by the National Bureau of Statistics and in this article we bring you 5 key things to note from the index.
18th Consecutive Decline in Inflation
With the Inflation now pegged at 11.14% it is the 18th consecutive drop in figure and a 30-month low, slipping by 0.09% from the previous month. Despite the 18 months steady decline occurred, it slowed with concerns that it could rise again in August.
Driven by a Drop in Food Inflation
The food sub-index declined for the 10th consecutive since September 2017, to 12.95%, which represents a 0.03% reduction from the previous month. From the analysis the Month-on-month food index also fell by 0.17% to 1.4% during the review period.
Core Inflation Driven by Reduction in Logistics Cost
Reduction in Logistics cost played a key role in the reduction of the Core Inflation index in the country. For the first time in 2018, month-on-month core inflation declined to 0.81% in July, from 1.03% in June. The average price of diesel nationwide fell by 0.23% to N204.32/litre in July, 2018.
Plateau Lowest, Kebbi Highest
From the State-to-State analysis Plateau from the North-Central recorded the lowest inflation rate of 8.82% as the best performing Sub-National in the index. Kebbi from the North-West recorded the highest inflation rate at 13.43%.
Nigeria; Second Highest After Angola in Peer African Review
Looking at a Peer African review of Six (6) countries namely; Kenya, Angola, South Africa, Uganda, Ghana and Nigeria, Nigeria came second with an index 11.14%, while Angola has the highest at 19.01%.
Both Angola and Nigeria are oil producing countries in the Sub-Saharan Africa region.