JUST IN: Inflation Drops To 11.23% For The 17th Consecutive Time
The periodic increase in prices of goods and services, known as inflation, in Nigeria have been on the decline since last year.
In June, the Consumer Price Index, CPI which measures the inflation dropped further in June for the 11th consecutive month since January last year.
In a new inflation report released on Monday by the National Bureau of Statistics, NBS, it showed that the CPI increased by 11.23% (year-on-year) in June 2018.
“This is 0.37% points less than the rate recorded in May 2018 at 11.61% and represents the seventeenth consecutive disinflation since January 2017,” said the NBS in the report.
It noted that “Increases were recorded in all classification of individual consumption by purpose divisions that yield the Headline index. On a month-on-month basis, the Headline index increased by 1.24% in June 2018, up by 0.15% points from the rate recorded in May 2018.”
“The percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37%, showing 0.42% point lower from 14.79% recorded in May 2018,” the NBS report added.
Meanwhile, the rate of price increase in the urban centres, that is urban inflation rate, also reduced by 11.68% (year-on-year) in June 2018 from 12.08% recorded in May 2018, while the rural inflation rate also eased 10.8% in June 2018 from 11.20% in May 2018.”
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