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.