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28 Aug 2017

Inflation Rate Drops for Sixth Consecutive Time to 16.05%

The inflation rate in Nigeria has began to drop considerably as efforts are made by the government to ameliorate the issue.
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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.

The bureau in the report said this is the sixth consecutive time that the index would be dropping since January this year.

It reads in part, "The inflation report for July 2017 reveals that  headline inflation has again reduced to 16.05 per cent (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.

“On a month-on-month basis, the Headline index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”

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