Nigeria’s inflation rate declines to 11.22%
The National Bureau of Statistics, NBS, Monday, said that Nigeria’s inflation rate dropped by 0.18 per cent in headline inflation rate to peak at 11.22 per cent in the month of June. This is against the 11.40 per cent achieved in May.
The NBS said that the consumer price index, (CPI) which measures inflation increased by 11.22 per cent (year-on-year) in June 2019.
It said this was as a result of a 0.18 per cent points lower than the rate recorded in May 2019 (11.40) per cent.
According to the NBS, “Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.07 per cent in June 2019, this is 0.04 per cent rate lower than the rate recorded in May 2019 (1.11) per cent. “The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous 12 months period was 11.29 per cent, similar to the 11.29 per cent recorded in May 2019.”