Nigeria inflation slows to 15.43 per cent in July

Nigeria’s headline inflation slowed to 15.43 per cent in July, down from 15.91 per cent in June, according to the National Bureau of Statistics (NBS). Core inflation, which excludes volatile energy and agricultural costs, also declined to 14.97 per cent.

Economist Professor Ken Ife described the data as a “paradox of conflicting narratives.” While headline inflation decelerated due to lower energy prices and a stable foreign exchange market, food inflation saw significant month-on-month pressure. Food inflation rose to 5.56 per cent in July from 3.75 per cent in June.

Ife attributed the rising food costs to increased farm-gate prices and higher costs for imported processed foods. He noted that supply chain disruptions and rising maritime insurance costs have contributed to the upward pressure on food prices, despite the overall decline in the headline inflation rate.