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Nigeria’s inflation continues downward trend, falls to 16.10 percent

17 Jul 2017, 11:43 am
Financial Nigeria
Nigeria’s inflation continues downward trend, falls to 16.10 percent

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Nigeria’s inflation rate ended a 15-month long period of steady increases in February as the country’s economic challenges eased.

An aerial view of Lagos central business district, Marina

The National Bureau of Statistics has reported that the country’s Consumer Price Index declined to 16.10 percent in June, compared with 16.25 percent the previous month. The statistics agency said the decline in June inflation June represents the fifth consecutive month of decline since January 2017.

Nigeria’s inflation rate ended a 15-month long period of steady increases in February as the country’s economic challenges eased. The inflation rate had risen sharply owing to inflationary pressures such as foreign exchange shortages, the devaluation of the naira, and the increase in fuel prices.

Food inflation rose marginally to 19.91 percent in June 2017 compared with 19.27 percent in May. The rise in the index was caused by increases in prices of meat, bread and cereals, fish, potatoes, yam and other tubers, oils and fats, milk, cheese and eggs, coffee, tea and cocoa.

Core inflation – which excludes the prices of volatile agricultural produce – continued its downward trend as the index fell to 12.50 percent in June compared with 13 percent in the previous month.

The highest increases in core inflation, on a month-on-month basis, were recorded in the prices of solid fuels, clothing materials and other articles of clothing and clothing accessories, liquid fuels, spirits, books and stationeries, passenger transport by air, garments, shoes and footwear and motorcycles.

The urban index increased to 16.15 percent in June compared with 16.34 percent in May, while the corresponding rural index also increased to 16.01 percent in June from16.02 percent in May.


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