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Inflation drops for 17th consecutive month to 11.23%

The National Bureau of Statistics on Monday said the Consumer Price Index, which measures inflation rate, dropped by 0.37 percentage points from 11.61 in May to 11.23 in June.

The bureau said this in the CPI report, which was made available to journalists in Abuja.

It stated that this was the 17th consecutive month since January 2017 that the index would be recording continuous decline.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 11.23 per cent year-on-year in June 2018.

“This is 0.37 per cent points less than the rate recorded in May 2018 (11.61 per cent), and represents the seventeenth consecutive disinflation since January 2017.”

The report stated that the urban inflation rate eased to 11.68 per cent year-on-year in June, from 12.08 per cent recorded in May, while the rural inflation rate also eased to 10.83 per cent in June from 11.20 per cent in May.

On a month-on-month basis, the urban index rose by 1.24 per cent in June, up by 0.14 from 1.10 per cent recorded in May, while the rural index also rose by 1.23 per cent in June, up by 0.15 per cent from the rate recorded in May.

The NBS said the food index dropped to 12.98 per cent in June from 13.45 per cent recorded in May.

The report noted that inflation on a year-on-year basis was highest in Rivers State (13.82 per cent), Kebbi (13.61 per cent) and Adamawa (13.41 per cent), while Kwara (8.16 per cent), Benue (9.28 per cent) and Plateau (9.49 per cent) recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, the June inflation was highest in Kogi (2.99 per cent), Oyo (2.50 per cent), and Gombe (2.01 per cent); while Plateau (0.19 per cent), Kaduna (0.22 per cent) and Edo (0.41 per cent) recorded slowest rise on a month-on-month inflation.