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Nigeria’s inflation drops to 11.23%

Nigeria’s inflation drops to 11.23%

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Inflation has dropped for the 17th consecutive times since January 2017, the National Bureau of Statistics (NBS) report indicates.

The NBS said the Consumer Price Index (CPI), which measured inflation for June, decreased to 11.23 per cent (year-on-year) from 11.61 per cent recorded in May.

The NBS disclosed this in its “CPI and inflation Report’’ for June released yesterday in Abuja.

The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the bureau said the Headline Index increased by 1.24 per cent in June, up by 0.15 per cent points from the rate recorded in May.

According to the report, the percentage changed in the average composite CPI for 12 months period ended June, over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 14.37 per cent in the period under review, showing 0.42 per cent point lower from 14.79 per cent recorded in May.

The report further showed that the urban inflation eased by 11.68 per cent (year-on-year) in June from the 12.08 per cent recorded in May.

The NBS said the rural inflation rate also eased by 10.83 per cent in June from 11.20 per cent in May.

On month-on-month basis, it stated that the urban index rose by 1.24 per cent in June 2018, up by 0.14 from 1.10 per cent recorded in May 2018.

It also noted that the rural index also rose by 1.23 per cent in June 2018, up by 0.15 per cent from the rate recorded in May 2018 (1.08) per cent.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 per cent in June 2018.

This, it stated was less than the 15.10 per cent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 per cent compared to 14.53 per cent recorded in May 2018.

The NBS noted that the composite food index rose by 12.98 per cent in June (13.45 per cent in May 2018).

It said the rise in the food index was caused by increases in prices of potatoes, yam and other tubers.

It stated that the rise was also caused by increase in prices of bread and cereals, fish, oils and fats, milk, cheese and eggs, vegetables and fruits as well as meat.

On a month-on-month basis, it stated that the Food sub-index increased by 1.57 per cent in June 2018, up by 0.24 per cent points, from 1.33 per cent recorded in May 2018.

THE NATION 

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