Inflation rate drops to 11.08% in July

Nigeria’s inflation rate dropped from 11.22 per cent in June to 11.08 per cent in July, the National Bureau of Statistics (NBS) has said.

The NBS said this in its Consumer Price Index report, which was released in Abuja on Friday. The index measures inflation in the country.

Nigeria had also recorded a drop in inflation in June as the rate dropped from 11.40 per cent in May to 11.22 per cent.

In its latest report on inflation, the NBS, however, stated that the CPI recorded a year-on-year increase, adding that the difference in month-on-month decline between June and July 2019 was 0.14 per cent.

It said, “The consumer price index increased to 11.08 per cent (year-on-year) in July 2019. This is 0.14 per cent points lower than the rate recorded in June 2019 (11.22 per cent).

“On month-on-month basis, the headline index increased by 1.01 per cent in July 2019. This is 0.06 per cent rate lower than the rate recorded in June 2019 (1.07) per cent.

“The percentage change in the average composite CPI for the twelve months period ending July 2019 over the average of the CPI for the previous twelve months period was 11.29 per cent, compared to 11.29 per cent recorded in June 2019.”

The bureau stated that the urban inflation rate increased by 11.43 per cent (year-on-year) in July from 11.61 per cent recorded in June, while the rural inflation rate increased by 10.64 per cent in July from 10.87 per cent in June.

On a month-on-month basis, it said the urban index rose by 1.07 per cent in July, down by 0.03 from 1.10 per cent recorded in June, while the rural index also rose by 0.96 per cent in July, down by 0.09 from the rate recorded in June, which was 1.05 per cent.

The bureau said, “The corresponding 12-month year-on-year average percentage change for the urban index is 11.64 per cent in July.

“This is less than 11.65 per cent reported in June, while the corresponding rural inflation rate in July is 10.97 per cent compared to 10.99 per cent recorded in June.”

The NBS report stated that the composite food index rose by 13.39 per cent in July compared to 13.56 per cent in June.

“This rise in the food index was caused by increases in prices of oils and fats, meat, bread and cereals, potatoes, yam and other tubers, and fish,” it stated.

It added, “On month-on-month basis, the food sub-index increased by 1.26 per cent in July, down by 0.10 per cent points from 1.36 per cent recorded in June.”

It further stated that the ‘all items less farm produce’ or core inflation, which excludes the prices of volatile agricultural produce stood at 8.80 per cent in July, down by 0.04 per cent when compared with 8.84 per cent recorded in June.

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