Nigeria’s inflation drops to 16.05 % in July- NBS

The country’s inflation as measured by Consumer Price Index (CPI), further dropped to 16.05 percent in July from 16.10 percent in June, the National Bureau of Statistics (NBS) data shows.

The NBS disclosed this in its CPI July 2017 report released Monday in Abuja.

The report stated that the headline inflation again reduced to 16.05 per cent (year-on-year) in July compared to 16.10 per cent in June 2016.

According to the bureau, this makes it the sixth consecutive decline in the rate of headline year on year inflation since January.

The bureau stated that the Headline index increased by 1.21 per cent in July, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June on a month-on-month basis.

On food inflation, it stated that food price pressure continued into July with 20.28 per cent (year-on-year) from 19.91 per cent.

It stated that the figure represented the highest year on year increase in food inflation since the beginning of the new series in 2009.

It, however, stated the Food sub-index increased by 1.52 per cent in July, down by 0.47 per cent points from 1.99 per cent recorded in June on a month-on-month basis.

Meanwhile, it stated that core inflation which excluded the prices of volatile agricultural produce eased by 0.30 per cent in July to 12.20 per cent points from 12.50 per cent recorded in June.

It stated that core inflation similar to overall/headline inflation had declined consecutively since January 2017.

On a month-on-month basis, it stated that the core sub-index increased by 1.00 per cent in July, 0.32 per cent points lower from 1.32 per cent recorded in June.