Inflation figures for July 2020 released by the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rose for the 12th consecutive month to 12.82 percent YoY (1.25% MoM).
The 26 basis points rise in the current inflation rate compared to the previous reading was primarily driven by the acceleration in food inflation
- Food inflation rose by 30 bps to 15.48% YoY (June 2020: 15.18% YoY)
- Core inflation moderated by 3 bps to 10.10% YoY (June 2020: 10.13% YoY)
- Urban inflation advanced by 22 bps to 13.40% YoY. Similarly, Rural inflation climbed by 29 bps 12.28% YoY.