July was the first month in well over a year that headline consumer inflation slowed in Africa's most populous nation.

But analysts say August's further slowdown could be short-lived, after two petrol prices increases this month that have angered citizens grappling with the worst cost-of-living crisis in a generation.

President Bola Tinubu's decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs have all increased prices.

The reforms are aimed at lifting economic growth and shoring up public finances.

The latest inflation data are likely to inform the central bank's next interest rate decision to be announced next week.

So far this year, the Central Bank of Nigeria has raised rates four times to try to control inflation and analysts have said the hike in July could be the last in the bank's hiking cycle.

--Reuters--