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Thursday, 14 June 2018

On Business Today: Nigeria Inflation Rate Drops To 11.61%

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The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI),

Which measures inflation for May decreased to 11.61 percent (year-on-year) from 13.34 percent recorded in April.
The NBS disclosed this in its CPI and Inflation Report for May released in Abuja.
According to the bureau, this figure is 0.87 percent points less than the rate recorded in April.
The bureau said the figure showed 16 consecutive reductions in inflation rate since January 2017.
The report stated that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On a month-on-month basis, the bureau said the Headline Index increased by 1.09 percent in May, up by 0.26 percent points from the rate recorded in April.
It stated the percentage change in the average composite CPI for 12 months period ended May over the average of CPI for the previous 12 months period.
It, however, measured the CPI at 14.79 percent in the period under review, showing 0.41 percent point lower from 15.20 percent recorded in April.
The report further showed that the urban inflation eased by 12.08 percent (year-on-year) in May from 12.89 percent recorded in April.
In addition, it stated that the rural inflation also eased 11.20 percent in May from 12.13 percent in April.
On a month-on-month basis, it stated the urban index rose by 1.10 percent in May, up by 0.25 percent from 0.85 percent recorded in April.
Also, it noted the rural index rose by 1.08 percent in May, up by 0.26 percent from the rate recorded in April (0.82) percent.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index was 15.10 percent in May.
This, it stated was less than 15.47 percent in April, while corresponding rural inflation rate in May was 14.53 percent compared to 14.95 percent recorded in April.
Meanwhile, NBS said the composite food index rose by 13.45 percent in May compared to 14.80 percent in April.
The Bureau stated that the ‘’All items less farm produce’’ or Core inflation, which excluded the prices of volatile agricultural produce stood at 10.7 percent in May 2018.
This, it noted was down by 0.2 percent from the rate recorded in April, which was 10.9 percent.
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