Nigeria inflation drops for fifth consecutive month, prints 16.10%

Inflation figures for June 2017 released by the National Bureau of Statistics (NBS) on Monday indicate headline inflation records further decline in June.

The report shows that Nigeria’s inflation contracted by 15bps to 16.10% YoY having recorded 16.25% in May. Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017.

On a month-on-month (MoM) basis, the headline index increased by 1.58% in June, 30bps lower than 1.88% recorded in May. Month on month inflation has cumulatively risen by 9.28% since January 2017.

Food inflation index increased to 19.91% YoY in June, meaning 0.64% drop from 19.27% YoY recorded in the month of May indicating continued pressure on food prices.

The data from the National Bureau of Statistics also indicated that  core inflation declined further to 12.50% YoY (May: 13.00% YoY). Urban and Rural inflation moderated slightly, it stood at 16.15% YoY (May: 16.34% YoY) and 16.01% YoY (May: 16.02% YoY) respectively.

Monday Ashibogwu

Monday Michaels Ashibogwu is Editor-In-Chief of QUICK NEWS AFRICA, one of Nigeria's leading online news service.

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