NIGERIA'S INFLATION RATE DOWN AGAIN TO 16.10 % IN JUNE.

According to the National Bureau of Statistics, (NBS), inflation rate in Nigeria averaged 16.10% last month, thus going down for the  fifth month running year on year basis when compared to  16.25% in May.

According to figures for the Composite Consumer Price index released today by the NBS, the month on month rate came to 1.58% which, significantly, was a drop on 1.88% rate recorded month on month in May, the previous month.

However, says the NBS, the price of food items continue to grow faster year on year and so, turn out to be one of the factors still driving average consumer price index upwards.

The food sub index grew by 19.91%n in June which represents a major increase on the 19.27% recorded in May.

Month on month, however, says the NBS, it slowed down to 1.99% growth compared to 2.54% earlier in May.

The items with the highest price increases as per the composite consumer price index were meat, bread and cereals; solid and liquid fuels; tubers especially yam and potato; garments; coffee and tea and oil and fats.

The rural areas seem to have fared better in June month on month. According to the figures, rural index month on month grew by 1.57% in June compared to 1.92% in May while the Urban one rose by 1.60% as against 1.84% in May.

Year on year though, the urban change was more comfortable. Urban index rate grew by 16.15% year on year compared to 16.34% in May while the rural one rose by 16.01%, just slightly lower than the 16.02% in May.


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