Nigeria’s headline consumer price index extended deceleration (which started in 2017) to the eighteenth consecutive month. Headline inflation was 11.14 percent year on year ( y/y )in July, according to a report released on Wednesday by the National Bureau of Statistics (NBS).

The inflation report shows that the July figure moderated from 11.23 percent y/y in June. The data came in 2 bps below Cordros Securities Limited forecast of 11.16 percent y/y and 13 bps ahead of Bloomberg compiled average estimate of 11.01 percent y/y.



Meanwhile, on month-on-month basis, the headline index increased by 1.13 percent (vs. 1.24% the previous month) – the first month-on-month decline since February 2018.

Food inflation rose by 12.85 percent y/y in the review period, lower than the 12.98 percent y/y recorded in June.

“Notably, the highest increase was recorded in the prices of potatoes, yam and other tubers, vegetables, bread and cereals, fish, oils and fat and fruits. On month-on-month basis, food inflation increased at a slower pace of 1.40%, compared to the 1.57% recorded in the previous month”, NBS disclosed.

Core inflation was 10.2 percent y/y during the review period, as against 10.4 percent in June. The highest increases were reported in the prices of medical services, carpets and other floor coverings, vehicle spare parts, domestic services and household services, pharmaceutical products, paramedical services, hairdressing saloons and personal grooming establishment, dental services, motor cars and fuels and lubricants for personal transport equipment. On a m/m basis, the core index increased at a slower pace of 0.81 percent, 22 bps below the 1.03 percent reported in June.
https://www.thisdaylive.com/index.php/2018/08/15/nigerias-inflation-drops-to-11-14/

.HOW DOES THIS AFFECT NIGERIANS

SINCE A MUDU OF BEANS IS STILL SOLD FOR #500

This is good news but illiterates like 89% of the comments below this wouldn't understand

Maybe you should change it to naira is gaining on the dollar so that they can relate, all these plumbers and sales boys on Nairaland forming opinionated

Which Nigeria? The same one I'm currently in? Abi there is another one?

Zoo

What they told media to tell them

How e take concern self. Make APC go that's all.

Osinbanjo is working

The benchmark will always be pre-2015 figures...quote me sensibly, ayam not ya age mate mbok.

Ode

ezenwajosh:
Zoo

What they told media to tell them

LIES!!

Custard rubber of beans (iron beans) is #1,800

On paper, inflation can drop to any level. But we all know the reality.

Double digit inflation figure Still not good enough besides it does not means an outright improvement on the cost of living or in the over all well being of an average Nigerian.

Buhari sef. No address. No economic blueprint. No security. No employement. The feeling is almost like a dead calf. Yet he still want a second term. to do what?

What is wrong with all this supporters. Are you people brain dead. All the girls in town are technically prostituting. All the boys na 419 or yahoo( which ever you prefer)

Yet we are talking a second term. Make una give una selves brain small.

Election is coming, different types of news are popping up, anyways, after PDP, APC can come back and by then, buhari would have retired and osibanjo would be the man to defeat.

Hmmm

Dont you just love how Buhari answers his critics?

Wailers: Buhari has no economic policy

Response : steady decline in inflation over last 12months ; Naira steadly gaining on dollar and other international currencies.


Wailers : Buhari does not care about terrorist killings.

Response : No more reports to any significant terrorist attacks on civilians for several months and increasing numbers of IDP returning home to their communities.

Wailers : corruption war is fake

Response : Dasuki, Metuah , Dino and many more still have their cases in court and even loudmouths like FFK has tasted imprisonment for corruption whilst his case was in court.

Wailers: Buhari is doing nothing

Response : completion of Abuja - Kaduna rail , All major federal road projects previously abandoned now under construction and many completed or nearing completion.

Wailers : Buhari is an illiterate

Response: creation of npower programme for youths , giving some tablets and freedom to come online and be wailing.

APC a complete failure. Inflation statistics over the last 5 years.

nkul:
LIES!!

Must be true! People are very happy this days

jhgf

Let me prophesize. Wailer will hate this, they will call it lie

Some people are angry now!

Buhari wonders. Keep up the good work sir

News analysts on the payroll of looters and the nay sayers will not see any big deal in this, except if it was on the reverse side. Thunder should do its work in their lives this year, Amen

Story, we for this side never feel am. It's only on paper

Likewise the money � in people's pockets

modupe2:
Let me prophesize. Wailer will hate this, they will call it lie

Keep deceiving yourself, soon it will dawn on you how stupid you have been for a long time

Thanks for the transparent and focused leadership of our President.
Nigeria is gradually getting better.
Slowly but steadily we will fix the damages pdp have done to our country.
God bless PMB
God bless Osibaba
God bless Nigeria.



Sai Buhari! !