Inflation drops to 16.05, says NBS

The Consumer Price Index (CPI), which measures inflation, dropped to 16.05 per cent last month, the National Bureau of Statistics (NBS), has said.

In its CPI July 2017 report released yesterday in Abuja, the NBS explained that the fall recorded was 0.05 per cent points lower than the 16.10 recorded in June, making it the sixth consecutive decline in the rate of headline 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.

The NBS, 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.

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.