Nigeria July Inflation Slows for First Time in Two Years to 33.4%

Nigeria’s annual inflation for July decelerated for the first time in almost two years, providing some respite to consumers who have become increasingly frustrated by the high cost of living.

Consumer prices rose 33.4% in July from 34.2% a month earlier, according to data published on the website of the National Bureau of Statistics on Thursday.

Analysts from Meristem to Afrinvest had forecast a slowdown in inflation due to base effects.

The Central Bank of Nigeria is likely to hold rates as inflation cools, analysts say. The regulator raised its Monetary Policy Rate (MPR), which is the benchmark interest rate by 50 basis points, to 26.75% in July amid soaring inflation and skyrocketing food prices.

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