Inflation rate drops to 11.22%

Inflation Market Lagos

The National Bureau of Statistics (NBS) on Monday released the consumer price index, which measures inflation with the index dropping year on year from 11.40 per cent in May to 11.22 per cent in June.

In the report, NBS said the June inflation rate of 11.22 per cent represents a decrease of 0.18 percentage points over the rate recorded in May.

On month-on-month basis, it said the index increased by 1.07 per cent in June 2019, noting that this is 0.04 per cent rate lower than the 1.11 per cent recorded in May.

“The CPI which measures inflation increased by 11.22 percent year-on-year in June 2019.

“This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent,” NBS said.

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