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Nigeria’s inflation down to 11.22 per cent

Nigeria’s inflation down to 11.22 per cent

The country’s inflation has fallen to 11.22%, its lowest inflation since July 2018, according to the National Bureau of Statistics (NBS)

The Bureau on Monday released the Consumer Price Index (CPI) which measures inflation rate, saying it dropped to 11.22 per cent in June 2019.

The NBS made the disclosure in its latest inflation report posted on its website. It said the inflation dropped by 0.18 per cent points year-on-year basis from the 11.40 per cent recorded in May.

The Bureau also said that on month-on-month basis, the headline index increased by 1.07 per cent in June, representing 0.04 per cent rate lower than the 1.11 per cent recorded in May.

“The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.

“The urban inflation rate increased by 11.61 per cent (year-on-year) in June 2019 from 11.76 per cent recorded in May 2019, while the rural inflation rate increased by 10.87 per cent in June 2019 from 11.08 per cent in May 2019.

 “On a month-on-month basis, the urban index rose by 1.10 per cent in June 2019, up by 0.05 from 1.15 per cent recorded in May 2019, while the rural index also rose by 1.05 per cent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) per cent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.65 per cent in June 2019.

“This is less than 11.66 per cent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 per cent compared to 10.98 per cent recorded in May 2019,” it added.

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