Business
Nigeria’s inflation drops again in July
The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for July dropped to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in June.
The NBS disclosed this in its “CPI and Inflation Report’’ for July released on Wednesday in Abuja.
According to the bureau, the figure is 0.09 per cent points less than the rate recorded in June. The bureau said the figure showed 18 consecutive reductions in inflation rate since January 2017.
The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, NBS said the Headline Index increased by 1.13 per cent in July, down by 0.11per cent points from the rate recorded in June.
According to the bureau, the drop was the first month-on-month headline inflation decline since Feb. 2018.
It said the percentage changed in the average composite CPI for 12 months period ended July over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 13.95 per cent in the period under review, showing 0.42 per cent point lower from 14.37 per cent recorded in June.
-
Football4 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Comments and Issues6 days agoNorway’s Rowing Celebration Captures The Spirit Of The World Cup
-
Latest7 days agoAlleged xenophobic attack claims life of Malawian street vendor in South Africa
-
Entertainment2 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Energy6 days agoLeaked court documents allege Shell ignored pipeline safety warnings in Niger Delta
-
Football5 days agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Energy1 week agoDangote Refinery denies claims of fuel round-tripping through Togo
-
Crime1 week agoFormer Kebbi APC chairman dies in bandits’ captivity