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17 Jul 2017

Inflation rate drops for fifth consecutive time, NBS Reveals

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation with the index dropping from 16.25 per cent in May to 16.1 per cent as at the end of June.

The bureau in the report made available to our correspondent in Abuja said this is the fifth consecutive decline in inflation rate since January.

It reads in part, “The CPI which measures inflation increased by 16.1 per cent year on year in June 2017.

“This was 0.15 percentage points lower the rate recorded in May. Accordingly, this represents the fifth consecutive decline in the rate of inflation since January.”

On a month-on-month basis, the NBS report said the Headline index rose by 1.58 per cent in June 2017, representing a decline of 0.30 percentage points from 1.88 per cent recorded in May.

It added that cumulatively, Month on Month inflation had risen by 9.28 per cent since January 2017

For the food index, the NBS in its report explained that this increased by 19.91per cent (year-on-year) in June 2017, down by 0.64 percentage points from the 19.27 per cent recorded in May.

It said the increase in food index is an indication of the continued pressure in food prices.

The NBS report said the Urban index rose by 16.15 percent year-on-year in June 2017 from 16.34 per cent recorded in May, while the Rural index increased by 16.01 per cent in June from 16.02 per cent in May.

On a Month-on-Month basis, the urban index, according to the report rose by 1.60 per cent in June from 1.84 per cent recorded in May, while the rural index rose by 1.57 per cent in June from 1.92 percent in May.

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