Nigeria Inflation Slows to 17.38% in July on Lower Food Prices
By Sahabi Abdul
Nigeria’s annual inflation slowed for the fourth straight month in July to 17.38 percent on lower food prices as the harvest season ensued.
The figure is 0.37 percent lower than the 17.75 percent recorded in June. This was as food inflation, the main driver of the composite price index, continued to slow from previous peaks, according to data released by the National Bureau of Statistics.
The food index increased by 21.03 percent in July, 0.25 percent slower than the 21.83 percent in June. Early harvests from the current farming season were already making some impact during the month.