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Inflation Records 18th Consecutive Decline To 11.14% – NBS



The rate at which the prices of goods and services rise in the country declined slightly in the month of July as the Consumer Price Index (CPI) which measures inflation increased by 11.14 per cent last month, 0.09 per cent points less than 11.23 per cent recorded in June 2018. The decline in inflation rate in the country is the 18th consecutive disinflation in headline inflation year on year (Y-o-Y). Month on month inflation rate declined for the first time since February this year, increasing by 1.13 per cent compared to 1.24 per cent rise recorded in June 2018.
Percentage change in the average composite CPI for the 12 months period ending July 2018 over the average of the CPI for the previous twelve months period was 13.95 percent, showing 0.42 percent point from 14.37 percent recorded the previous month.

According to the CPI data released yesterday by the National Bureau of Statistics (NBS), the urban inflation rate eased by 11.66 per cent in July 2018 from 11.68 per cent recorded in June 2018, while the rural inflation rate remained flat at 10.83 per cent in July 2018 from 10.83 per cent in June 2018.On a month-on-month basis, the urban index rose by 1.23 per cent in July 2018, down by 0.01 from 1.24 per cent recorded in June, while the rural index also rose by 1.18 per cent in July 2018, down by 0.05 per cent from the rate recorded in June 2018 (1.23) per cent.
Increases were recorded in all COICOP divisions that yielded the Headline index, as the composite food index rose by 12.85 percent in July 2018 compared to 12.98 percent in June 2018. This represents the tenth consecutive decline in year on year food inflation since September 2017.

This rise in the food index was caused by increases in prices of potatoes, yam and other tubers, vegetables, bread and cereals, fish, oils and fat and fruits
On month-on-month basis, the food sub-index increased by 1.40 per cent in July 2018, down by 0.17 per cent points from 1.57 per cent recorded in June. This represents the first-time month on month food inflation has declined since February 2018. The average annual rate of change of the Food sub-index for the 12 month period ending July 2018 over the previous 12 month average was 17.10 per cent, 0.65 per cent points from the average annual rate of change recorded in June (17.75) per cent.
The year on year rise in cost of food items was highest in Abuja, Bayelsa and Imo which had 15.85, 15.75 and 15.46 per cents respectively while Plateau, Bauchi and Kano recorded the slowest rise in food inflation with 9.4, 10.44 and 10.5 per cents respectively.

On month on month basis however, July 2018 food inflation was highest in Kwara, Kaduna and Imo which had 4.57, 3.99 and 3.44 per cents respectively, while Ogun (0.16 per cent) and Osun (0.38 per cent) recorded the slowest rise, Kogi recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in July 2018.The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.2 per cent in July 2018, down by 0.2 per cent from the rate recorded in June 2018 (10.4) per cent, representing the 16th consecutive decline in year on year core inflation since March 2017.

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