Nigeria’s Inflation Rate Falls To Lowest In A Year In June

For the fifth consecutive time to 16.1%

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Nigeria’s inflation rate fell for a fifth straight month in June, dropping to the lowest in a year as growth in prices of most goods except food eased.

Inflation eased to 16.1 percent from 16.3 percent in May, the Abuja-based National Bureau of Statistics says in an emailed report Monday.

Food inflation accelerated to 19.9 percent from 19.3 percent, driven by the cost of bread and cereals, meat, fish and potatoes, agency says.

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NBS REPORT READS IN PART

“The consumer price index (CPI) which measures inflation increased by 16.10% (year-on-year) in June 2017.

”This was 0.15% points lower the rate recorded in May (16.25%).

”Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017,” the inflation report released by the NBS read.

“On a month-on-month basis, the headline index increased by 1.58% in June 2017, 0.30 percent points lower than the rate of 1.88% recorded in May 2017.

”Month-on-Month inflation has cumulatively risen by 9.28% since January 2017.

“The food index increased by 19.91% (year-on-year) in June 2017, down by 0.64% points from the rate recorded in May (19.2%) indicating continued pressure in food prices.

“Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50% (year-on-year) in June, down by 0.50% points from rate recorded in May (13%).

”This represents the 8th straight month of decline in the core index since November 2016.”

Inflation has been above the upper end of the central bank’s target band of 6 percent to 9 percent for two years.

The Premium Motor Spirit (Petrol) price rose 1.2 percent in June from a year earlier compared with a 10.3 percent increase in May, the statistics office says in a separate report.

The bureau states that the average price paid by consumers for the product decreased by -0.3 per cent month-on-month to N150. 3 in June 2017 from N150.7 in May 2017.

It stated that states with the highest average price of petrol were Yobe (N168), Gombe (N167.50) and Adamawa (162.50).

The bureau, however, posits that with the lowest average price of petrol were Abuja, Edo, Ekiti ,Ogun, and Osun which sold for N145 in the month.

Also, Ondo and Kano sold for N145.3 while Kwara and Oyo sold the product for N145.5.

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