28 August 2017, Sweetcrude, Lagos – Nigeria’s National Bureau of Statistics, NBS, said Monday inflation rate dropped marginally from 16.1 per cent in June to 16.05 per cent in July.
It said in its Consumer Price Index which measures inflation that the July drop is the sixth consecutive time the index had dropped since January this year.
”The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (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 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June,” NBS said.
It said the food index rose by 20.28 per cent year on year in July, up by 0.37 per cent points from the 19.91 per cent rate recorded in June.
It stated that the rise in index is as a result of increase in the process of bread, cereal, meat, fish, oils and fats, coffee, tea and cocoa, potatoes, yam and other tubers.