- Nigeria's inflation rate has dropped again
- According to the National Bureau of Statistics, this is the fifth consecutive time inflation will be dropping
- Inflation dropped to 16.10 from 16.25% in May
The National Bureau of Statistics in a report released on Monday July 17 has revealed that the country is gradually coming out of recession as Inflation in June 2017 declines again for 5th consecutive month.
According to the bureau, inflation measured by the Consumer Price Index, fell to 16.10 per cent, lower than 16.25 per cent rate recorded in May.
The report by the National Bureau of Statics read: "Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017.
"This was 0.15 percent points lower the rate recorded in May (16.25 percent). Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017
"On a month-on-month basis, the Headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded in May 2017. Month on Month inflation has cumulatively risen by 9.28% since January 2017.
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The report stated further that: "The percentage change in the average composite CPI for the twelve-month period ending in May2017 over the average of the CPI for the previous twelve-month period was 17.58 percent, lower from 17.63 percent recorded in May 2017.
"The Food Index increased by 19.91percent (year-on-year) in June 2017, down by 0.64 percent points from the rate recorded in May (19.27 percent) indicating continued pressure in food prices.
"Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 percent (year on-year) in June, down by 0.50 percent points from rate recorded in May (13.00) percent. This represents the 8th straight month of decline in the core index since November 2016.
"The Urban index rose by 16.15 percent (year-on-year) in June 2017 from 16.34 percent recorded in May, while the Rural index increased by 16.01 percent in June from 16.02 percent in May.
"On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 percent recorded in May, while the rural index rose by 1.57 percent in June from 1.92 percent in May.
"The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.88 percent in June to 18.69 percent in May, while the corresponding rural index also increased from 16.50 percent in May to 16.56 percent in June.
NAIJ.com had reported that the National Bureau of Statistics (NBS) in a report released today said Nigeria's inflation had dropped to 16.25% from 17.24% in April.
This is a significant development as it represented the fourth consecutive decline in the rate of inflation in the country since January 2017. For some time now, prices of commodities in Nigeria have risen astronomically.
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