Business Briefs
THE National Bureau of Statistics, NBS, on Monday said the Consumer Price Index which measures inflation rate dropped by 0.37 percentage points from 11.61 per cent in May to 11.23 per cent in June.
The bureau said this in the CPI report which was made available to journalists in Abuja.
It said this is the seventeenth month since January 2017 that the index would be recording continuous decline.
It reads in part, “The Consumer Price Index which measures inflation increased by 11.23 per cent year-on-year in June 2018.
“This is 0.37 per cent points less than the rate recorded in May 2018 (11.61 per cent) and represents the seventeenth consecutive disinflation since January 2017.”
The report said urban inflation rate eased to 11.68 per cent year-on-year in June, from 12.08 per cent recorded in May, while the rural inflation rate also eased 10.83 per cent in June from 11.20 per cent in May
On a month-on-month basis, the urban index rose by 1.24 per cent in June, up by 0.14 from 1.10 per cent recorded in May, while the rural index also rose by 1.23 per cent in June, up by 0.15 per cent from the rate recorded in May.
The NBS report said food index dropped to 12.98 per cent in June from 13.45 per cent recorded in May.
The report said inflation on a year on year basis was highest in Rivers State (13.82 per cent), Kebbi State (13.61 per cent) and Adamawa State (13.41 per cent), while Kwara State (8.16 per cent), Benue State (9.28 per cent) and Plateau State (9.49 per cent) recorded the slowest rise in headline Year on Year inflation.
On a month-on-month basis however, it said June inflation was highest in Kogi State (2.99 per cent), Oyo State (2.50 per cent), and Gombe State (2.01 per cent), while Plateau State (0.19 per cent), Kaduna State (0.22 per cent) and Edo State (0.41 per cent) recorded the slowest rise on a month-on-month inflation. – Punch
– Jul. 23, 2018 @ 15:45 GMT
Tags: Inflation drops 17th consecutive months to 11.23% – NBS
