Headline inflation declined by 0.05% to 16.05% in July. This is the 6th consecutive monthly decline.
Most important to this trend is the decline in core inflation, which is now 12.2%. This is 180bps below the MPR and 600bps below the 182-day T/Bill rate. This data, if supported by positive GDP growth for Q2, may support the arguments of the doves for a reduction in the level of interest rates in Nigeria.
In the attached bulletin, the FDC Think-Tank analyzes inflationary movements in July.
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