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Nigeria’s inflation rate dips to 11.08 per cent in July-NBS

THE stat released by the Nigeria Bureau of Statistics on Friday shows that the consumer price index, (CPI) which measures inflation came down to 11.08 per cent year-on-year in July 2019 at a 0.14 per cent point, lower than 11.22 per cent rate recorded in June of the same year.

Based on data derived every month from 10,534 informants spread across the country who provide the NBS with price data on 740 goods in the market of goods and services regularly priced the CPI is computed monthly.

Increases were recorded in all Classification of Individual Consumption according to Purpose (COICOP) divisions that yielded the Headline index.

The COICOP which analyse individual consumption expenditures incurred by households, non-profit institutions serving households and general government showed that on a month-on-month basis, the Headline index increased by 1.01 per cent in July at a 0.06 per cent rate lower than the 1.07 per cent rate recorded in June.

Source: NBS Infographics

Whereas urban inflation rate increased by 11.43 per cent (year-on-year) in July, down by 0.18 from 11.61 per cent recorded in June 2019, the rural inflation rate increased by 10.64 per cent in July down by 0.23 per cent from 10.87 per cent in June.

On a month-on-month basis, the urban index rose by 1.07 per cent in July, down by 0.03 from 1.10 per cent recorded in June 2019, while the rural index also rose by 0.96 per cent in July 2019, down by 0.09 from the rate 1.05 per cent recorded in June.

Corresponding twelve-month year-on-year average percentage change for the urban index is at 11.64 per cent in July less than 11.65 per cent reported in June, and, corresponding rural inflation rate in July is at 10.97 per cent compared to 10.99 per cent recorded in June, showing an increase 0.02 per cent.

The percentage change in the average composite CPI for the twelve months period ending July 2019 over the average of the CPI for the previous twelve months period was 11.29 per cent.

Experts, however, stipulate reduction in the prices of food items in anticipation of the harvest season. This is expected to tip the market scales leading to a favourable economic outcome for the Naira.

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