July Inflation Drops To 16.05% – NBS

BY SEGUN ADEBAYO, ABUJA – The National Bureau of Statistics (NBS) has announced the inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 per cent in June 2016.

According to the NBS, this makes it the sixth consecutive decline in the rate of headline year-on-year inflation since January 2017.

It said that on a month-on-month basis, the Headline index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.

The NBS further said; “Food price pressure however continued into July with 20.28 per cent (year-on-year) from 19.91 per cent. 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 per cent in July, down by 0.47 per cent points from 1.99 per cent recorded in June.

“Core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 per cent points from 12.50 per cent 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 per cent in July, 0.32 per cent points lower from 1.32 per cent recorded in June.”