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Inflation Rate Falls For Sixth Consecutive Time To 16.05%

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in … Continue reading Inflation Rate Falls For Sixth Consecutive Time To 16.05%


The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

Nigeria’s headline inflation has declined again, the inflation report released today by the National Bureau of Statistics showed.

The inflation report for July 2017 showed that the headline inflation declined marginally to 16.05 percent.

“The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 percent (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,” the report read in part.

On a month-on-month basis, however, the headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June.

Also, there was sustained pressure on food prices with food inflation rising to 20.28 percent – year-on-year – from 19.91 percent, representing the highest year-on-year increase in food inflation since the beginning of the new series in 2009.

“On a month-on-month basis, however, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June,” the report added.

Meanwhile, core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 percent points from 12.50 percent recorded in June.