Nigeria’s Inflation Rate Eases to 16.05% in July 2017—NBS

By Modupe Gbadeyanka

National Bureau of Statistics (NBS), on Monday, released, for the month of July, the Consumer Price Index (CPI), which measures inflation.

In the data analysed by Business Post, inflation in July 2017 dropped to 16.05 percent from 16.10 percent recorded a month earlier, representing a decline by 0.05 percent.

This, Business Post observed, is the sixth consecutive decline in the rate of headline year-on-year inflation since January 2017.

According to the stats office, increases were recorded in all COICOP divisions that yield the Headline Index.

On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June.

The percentage change in the average composite CPI for the twelve-month period ending in July 2017 over the average of the CPI for the previous twelve-month period was 17.47 percent, 0.11 percent point lower from 17.58 percent recorded in June 2017.

The Urban index rose by 16.04 percent (year-on-year) in July 2017, down by 0.11 percent point from 16.15 percent recorded in June, and the Rural index increased by 16.08 percent in July from 16.01 percent in June.

On month-on-month basis, the urban index rose by 1.25 percent in July 2017, down by 0.35 percent point from 1.60 percent recorded in June, while the rural index rose by 1.18 percent in July 2017, down by 0.39 percent point from 1.57 percent in June.

The corresponding 12 month year-on-year average percentage change for the urban index increased from 18.69 percent in June to 18.43 percent in July, while the corresponding rural index also increased from 16.56 percent in June to 16.60 percent in July.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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