Inflation Rate Slowdown To 11.14% In July -NBS

by ADEBISI ADEMOLA

The National Bureau of Statistics (NBS) has said consumer price index, (CPI) which measures inflation rate slowdown to 11.14 per cent in July from 11.23 per cent in June 2018.

 The bureau in its CPI report on Wednesday, said inflation rate dropped by  0.09 per cent points less than the rate recorded in June and represents an 18th consecutive disinflation in headline inflation year on year.

The report by NBS stated that, on month-on-month basis, the Headline index increased by 1.13 per cent in July 2018, down by 0.11 per cent points from the rate recorded in June 2018 (1.24 per cent).

“This represents the first-time month on month headline inflation has declined since February 2018.

The percentage change in the average composite CPI for the twelve months period ending July 2018 over the average of the CPI for the previous 12 months period was 13.95 per cent, showing 0.42 per cent point from 14.37 per cent recorded in June 2018,” the report by NBS stated.