Nigeria’s Inflation Rate Drops To 16.05% — NBS

for sixth consecutive time

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The National Bureau of Statistics (NBS) says the inflation rate dropped from 16.1 per cent in June to 16.05 per cent in the month of July.

The NBS disclosed this on Monday with the released the Consumer Price Index which measures inflation rate of the country.

It said the index dropped marginally adding that this was sixth consecutive time that the index would be dropping since January this year.

It reads in part, ” The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the Headline index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”

The Urban index rose by 16.04 per cent in July 2017, down by 0.11 percent point from 16.15 per cent recorded in June, and the Rural index increased by 16.08 per cent in July from 16.01 per cent in June.

The bureau noted that the Food Index increased by 20.28 per cent in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent), representing the highest year on year increase in food inflation since the beginning of the new series in 2009.

Further analysis showed that the rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables.

Meanwhile, the ”All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.30 per cent during the month to 12.20 per cent points from 12.50 per cent recorded in June.

”Food prices increased with July recording the highest year-on-year increase in inflation since 2009.“Food price pressure continued into July as all major food sub-indexes increased.

”The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%).

“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”

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