Nigerian inflation decelerates to 11.22%, lowest in 11 months

Nigerian inflation rate fell to 11.22 percent year-on-year in June 2019 from 11.40 percent in the previous month, lowest inflation rate since July 2018.

Food prices advanced at a softer pace for food to 13.56 percent year-on-year, compared to 13.79 percent in May; housing and utilities (7.14 percent vs 7.24 percent) and clothing and footwear declined by 9.86 percent against 9.94 percent in the previous month.

Also, transportation trended down to 8.88 percent against 9.07 percent); furnishings and household equipment maintenance (9.24 percent vs 9.37 percent); education (8.82 percent vs 9.09 percent); health (9.30 percent vs 9.44 percent) and miscellaneous goods and services (8.55 percent vs 8.70 percent).

On other hand, restaurants and hotels decreased to 8.24 percent, compared 8.48 percent in May; alcoholic beverage, tobacco and kola (10.28 percent vs 10.42 percent); and recreation and culture (8.05 percent vs 8.26 percent).

Meanwhile, communication inflation picked up to 7.73 percent in June from 7.67 percent in May.

Annual core inflation, which excludes price of volatile agricultural products, fell to 8.84 percent in June, its lowest level since January 2016, from 9.03 percent in May.

On a monthly basis, consumer prices were up 1.07 percent, little-changed from a 1.11 percent increase in May.