Nigeria’s latest inflation report shows easing headline and core figures, but food inflation remains stubborn, posing risks for policymakers.
According to NBS, headline inflation slowed to 21.88% in July from 22.22% in June. Core inflation also declined, while food inflation moderated month-on-month.
Dr. Muda Yusuf, CEO of CPPE, credited the slowdown to exchange rate stability, import duty waivers, and stronger investor sentiment.
But risks remain as monthly inflation rose to 1.99% and annual food inflation climbed to 22.74%, driven by supply shocks.
CPPE’s advice: stabilize FX markets, cut logistics costs, enforce fiscal discipline, and explore innovative monetary tools beyond high interest rates.
Urban inflation dropped to 22.01% and rural to 21.08% year-on-year, both lower than 2024 but still volatile.
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