Nigeria’s Consumer Price Index (CPI) also known as inflation rate, decelerated to 11.14 percent year-on-year in July, representing the 18th consecutive month of the declining trend and the lowest rate in over two years.
The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index (CPI) report titled ‘CPI and Inflation Report July 2018’ published on Wednesday.
The CPI measures the average change over time in prices of goods and services consumed by people for the day-to-day living.
The NBS stated that the July rate was 0.09 per cent points less than the rate recorded in June, adding that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The Bureau also stated that on a month-on-month basis, the Headline Index increased by 1.13 percent in the month under review, lower by 0.11 percent points from the 1.24 percent rate recorded in the preceding month.
According to the official statistics producing agency, in the month under review the food index declined by 12.85 percent compared to the 12.98 percent in June, representing the 10th consecutive year-on-year decline in food inflation since September 2017.
The Bureau attributed the increase in the food index to sharp increases in prices of potatoes, yam and other tubers, bread and cereals, fish, oils and fats, milk, cheese and eggs, vegetables, fruits and meat.
