AUG 15, 2018: NIGERIA'S INFLATION RATE DOWN TO 11.14%, SAYS BUREAU OF STATISTICS

According to Consumer Price index released today by the National Bureau of Statistics, inflation rate in Nigeria dropped for the 8th consecutive month in July 2018 to 11.14% compared to 16.05% in July 2017.

However, this remains a long way from all time low of 7.7% recorded in February 2014 although below the 11.38% with which it crossed into double digit in February 2016.

All through two years plus it has remained at double digit and its longest single digit run was from January 2013 to January 2016.

In July, says the NBS, month on month inflation rate declined for the first time since February this year closing the month at 1.13% compared to 1.24% in June.

Composite food index rose at higher rate to the CPI though recording 10th consecutive month of decline at 12.85% in July as against 12.98% in June.

The pressure, says NBS was mainly from growth in the prices of potatoes, yam and other tubers, vegetables, bread and cereals , fish, oils & fats and fruits, incidentally many of them were in season during the month.

However, month on month, the current data indicates that indeed there was food price deflation in Kogi state within July while Ogun and Osun states recorded lowest food price increases (0.16% and 0.38% respectively) compared to increases month on month by Kwara (4.57%); Kaduna (3.99%)and Imo (3.44%)

In the case of overall inflation rate though, leading territories in the federation were Abuja (15.35%); Balyesa (15.71% and IMO (15.46%) and lowest rates were Plateau's 9.40%; Bauchi's 10.44% and Kano's 10.50%.

Urban inflation still sets the pace for national inflation rate and the decline year on year here was from June's 11.68% to July's 11.66%.

On the other hand, Rural inflation rate year on year stayed firm at 10.83% recorded in June 2018.

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