Inflation rate drops to 16.05%

Inflation Market Lagos

By Jite Eriabie 

The National Bureau of Statistics (NBS) has said that the country’s consumer price index (CPI), which measures the rate of inflation, dropped for the sixth consecutive month — although by a smaller margin. According to the NBS, inflation rate dropped to 16.05% from 16.1% in June, but food index soared to 20.28 percent.

“The consumer price index (CPI) which measures inflation increased by 16.05% (year-on-year) in July 2017,” the report read.

“This was 0.05% points lower than the rate recorded in June (16.10%) making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.”

Food prices increased with July recording the highest year-on-year increase in inflation since 2009.

“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%).

“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”

Inflation rate had declined from 18.72% in January to stand at 16.05% in July.

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