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Inflation drops to 16.05 Percent in July

Inflation drops to 16.05 Percent in July

By Admin
AG PRESIDENT OSINBAJO ATTENDS AbujaIFFAR 6. L-R; Acting President Yemi Osinbajo, Minister of Finance, Mrs Kemi Adeosun, Minister of Finance, Mrs Kemi Adeosun, Minister of Foreign Affairs, Mr Geoffrey Onyeama and Minister of Justice and Attorney General of the Federation, Abubakar Malami during the conference on promoting International Co-Operation in combating Illicit Financial Flows and Enhancing Asset Recovery to foster Sustainable Development in Nigeria held at the Banquet hall State House in Abuja. PHOTO; SUNDAY AGHAEZE. JUNE 5 2017

The inflation report for July 2017 made available from the National Bureau of Statistics(NBS) reveals that headline inflation has again reduced to 16.05 percent (year-on-year) in July 2017, compared to 16.10 percent in June 2016. This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June.

Food price pressure however continued into July with 20.28 percent (year-on-year) from 19.91 percent. This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.

On a month-on-month basis, however, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June.

Core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 percent points from 12.50 percent recorded in June. Core inflation similar to overall/headline inflation has declined consecutively since January 2017.

On a month-on-month basis, the Core sub-index increased by 1.00 percent in July, 0.32 percent points lower from 1.32 percent recorded in June.