The rate at which the prices of goods and services increase in Nigeria (inflation) year-on-year slowed marginally to 11.14 percent in July from 11.23 percent the previous month, but still remains well above the 6-9 percent preferred band.
The rate is 0.o9 percent points less than the rate recorded in june 2018 and it also represents the eighteenth consecutive disinflation since January 2017, as compiled from the figures released by the National Bureau of Statistics (NBS).
On month-on-month basis, the Headline index increased by 1.13 percent in July 2018, down by 0.11 percent points from the rate recorded in June 2018 of 1.24 percent. This represents the first-time month on month headline inflation declined since February 2018.
The CPI measures the average change over time in prices of goods and services consumed by people for the day-to-day living.
The percentage change in the average composite CPI for the twelve 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 in June 2018.
The urban inflation rate eased by 11.66 percent (year-on-year) in July 2018 from 11.68 percent recorded in June 2018, while the rural inflation rate remained flat at 10.83 percent in July 2018 from 10.83 percent in June 2018.
On a month-on-month basis, the urban index rose by 1.23 percent in July 2018, down by 0.01 from 1.24 percent recorded in June, while the rural index also rose by 1.18 percent in July 2018, down by 0.05 percent from the rate recorded in June 2018 (1.23) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 14.33 percent in July 2018. This is more less 14.71 percent reported in June 2018, while the corresponding rural inflation rate in July 2018 is 13.64 percent compared to 14.08 percent recorded in June 2018.
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