Nigeria’s inflation rate drops to 11.22 per cent
The Consumer Price Index, which measures inflation, fell in June, after rising for two consecutive months.
The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) report for June 2019. The CPI, which measures inflation, dropped from 11.40 per cent year-on-year reported in May to 11.22 per cent in June, after rising for two consecutive months.
Food inflation, according to the report, declined by 0.23 percentage points to 13.56 per cent last month, compared to 13.79 per cent reported in May. In the period under review, the highest increases were recorded in the prices of meat, fish, bread and cereals, vegetables and fruits, potatoes, oils and fats, yam and other tubers.
Core inflation, which excludes the prices of volatile agricultural produce, decreased to 8.8 per cent in June, compared to 9.0 per cent recorded in May. On a month-on-basis, however, the core sub-index increased by 0.10 percentage points in June to 0.85 per cent. The highest increases were recorded in the prices of medical and hospital services, major household appliances, repairs of household appliances, tobacco, cleaning repairs and hire of clothing, repairs and hire of footwear, and actual and imputed rentals for housing.
According to the NBS, the urban inflation rate declined from 11.76 per cent in May to 11.61 per cent in June. Similarly, the rural inflation dipped by 0.21 percentage points to 10.87 per cent in June.
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