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National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

U.S. consumer price gains slow; underlying inflation supported

The bureau stated that the Headline index increased by 1.58 per cent in June 2017, 0.30 per cent points lower than the rate of 1.88 per cent recorded in May.

The National Bureau of Statistics (NBS) said that the country’s inflation as measured by Consumer Price Index (CPI) further dropped to 16.10 per cent in June from 16.25 per cent in May.

The NBS made this known in its CPI June 2017 report released on Monday in Abuja.

According to the bureau, this is the fifth consecutive decline in the rate of inflation since January.

This, it stated was 0.15 per cent points lower than the rate recorded in May -16.25 per cent.

On a month-on-month basis, the bureau stated that the Headline index increased by 1.58 per cent in June 2017, 0.30 per cent points lower than the rate of 1.88 per cent recorded in May 2017.

It stated that month on Month inflation had cumulatively risen by 9.28 per cent since January 2017.

The bureau stated that the Food Index increased by 19.91 per cent (year-on-year) in June 2017, down by 0.64 per cent points from the rate recorded in May (19.27 per cent), indicating continued pressure in food prices.

It stated that Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 per cent (year-on-year) in June, down by 0.50 per cent points from rate recorded in May (13.00) per cent.

This, the bureau stated represented the 8th straight month of decline in the core index since November 2016.

Meanwhile, the Premium Motor Spirit (Petrol) Price Watch for June, released by NBS said that an average price paid by consumer for petrol increased by 1.2 per cent year-on-year.

The bureau stated that the average price paid by consumers for the product decreased by -0.3 per cent month-on-month to N150. 3 in June 2017 from N150.7 in May 2017.

It stated that states with the highest average price of petrol were Yobe (N168), Gombe (N167.50) and Adamawa (162.50).

The bureau, however, stated states with the lowest average price of petrol were Abuja, Edo, Ekiti ,Ogun, and Osun which sold for N145 in the month.

Also, Ondo and Kano sold for N145.3 while Kwara and Oyo sold the product for N145.5.

Source: Business

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