JUST IN: Nigeria’s inflation rate drops for sixth consecutive time – NBS

National Bureau of Statistics building

The Consumer Price Index, CPI, which measures inflation, dropped to 16.05 per cent in July, the National Bureau of Statistics, NBS, said on Monday.

According to a report released by the NBS titled Consumer Price Index, the fall recorded was 0.05 per cent points lower than the rate recorded in June (16.10), making it the sixth consecutive decline in the rate of headline inflation since January 2017.

The NBS noted further that the percentage change in the average composite CPI for the twelve-month period ending in July 2017 over the average of the CPI for the previous twelve-month period was 17.47 per cent. This is 0.11 percent point lower from 17.58 percent recorded in June 2017.

The Urban index rose by 16.04 per cent in July 2017, down by 0.11 percent point from 16.15 per cent recorded in June, and the Rural index increased by 16.08 per cent in July from 16.01 per cent in June.

The bureau noted that the Food Index increased by 20.28 per cent in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent), representing the highest year on year increase in food inflation since the beginning of the new series in 2009.

Further analysis showed that the rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, coffee, tea and cocoa, potatoes yam and other tubers and vegetables.

Meanwhile, the ”All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.30 per cent during the month to 12.20 per cent points from 12.50 per cent recorded in June.


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