Nigeria’s inflation rate eased by 34 basis points to 21.88% in July, according to the rebased Consumer Price Index (CPI) figures released by the National Bureau of Statistics (NBS) on Friday.
The moderation aligns with market expectations, driven by relative stability in the local exchange rate and the absence of fresh upward pressure from petroleum prices during the period.
Headline inflation slowed to 21.88% year-on-year from 22.22% in June. However, on a month-on-month basis, consumer prices rose by 1.99%, compared to 1.68% recorded in the previous month.
Food inflation accelerated by 77 basis points to 22.74% in July from 21.97% in June. Month-on-month, however, food inflation eased slightly to 3.12% from 3.25%, reflecting price declines in items such as vegetable oil, white beans, local rice, maize flour, guinea corn (sorghum), wheat flour, and millet.
Core inflation, which excludes volatile items like farm produce and energy, dropped by 143 basis points to 21.33% year-on-year from 22.76% in June. On a monthly basis, the core index fell sharply by 149 basis points to 0.97%.
 figures released...){kind=link}