Inflation drops to 16. 05%

From Joseph INOKOTONG

National Bureau of Statistics (NBS) has reported that inflation in July felled to 16.05 percent, compared to 16.10 percent recorded in June, 2017.
The fall makes it the sixth consecutive decline in the rate of headline inflation, year on year, since January 2017.
The report released yesterday in Abuja by the NBS said “inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 percent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.”
It pointed out that 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.
However, the report noted that “food price pressure continued into July with 20.28 percent (year-on-year) from 19.91 percent. “This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”
On a month-on-month basis, however, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June, the NBS further said.
It also explained that core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 percent from 12.50 percent recorded in June. Core inflation similar to overall/headline inflation has declined consecutively since January 2017.
“On a month-on-month basis, the Core sub-index increased by 1.00 percent in July, 0.32 percent points lower from 1.32 percent recorded in June”, NBS added​.