Nigeria’s Inflation drops by 0.37 percent in June

Nigeria’s inflation has dropped by 0.37 percent in June, 2018, the National Bureau of Statistics, NBS, reports on Monday.The reports by NBS said the Consumer Price Index (CPI) which measured inflation increased by 11.23 percent (year-on-year) in June 2018. “This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017,” NBS reports. The NBS said increases were recorded in all Classification of Individual Consumption According to Purpose, COICOP, divisions that yielded the Headline index.

It said on a month-on-month basis, the Headline index increased by 1.24 percent in June 2018, up by 0.15 percent points from the rate recorded in May 2018. According to the NBS, the percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37 percent, showing 0.42 percent point lower from 14.79 percent recorded in May 2018.

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