Nigeria's annual inflation decelerated modestly in July, after increasing in the previous month, data released by the National Bureau of Statistics (NBS) showed Friday.
The consumer price index increased 12.8 percent annually in July, slower than the 12.9 percent gain seen in June. In May, the rate of growth was 12.7 percent.
Overall prices, excluding farm produce, were higher by 15 percent in July compared to last year, after rising 15.2 percent in June. The relevant sub-index for food prices advanced 12.1 percent during the month, following the previous month's 12 percent growth.
The annual changes in the headline index could be partly attributable to increases in the prices items such as oils and fats, gas, bread and cereals, meats, fish, fruits as well as certain other items with relatively smaller weights in the index, the agency said.
On a monthly basis, consumer prices moved up 0.24 percent in July, notably slower than the 1.15 percent gain seen in June, the agency said.
by RTT Staff Writer
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