In a report released earlier by National Bureau of Statistics said Nigeria’s inflation had dropped to 16.25% from 17.24% in April. This is a significant development as it represented the fourth consecutive decline in the rate of inflation in the country since January 2017.
For some certain period of time now, prices of commodities in Nigeria have risen astronomically that has led to hardship on all side for some citizen, but it is a good thing that National Bureau of Statistics bring us to the awareness of some consistent drop in the inflation in general’
The National Bureau of Statistics in a report unveiled on July 17, 2017 has revealed that the country is gradually coming out of recession as Inflation in June 2017 declines again for 5th consecutive months.
According to the bureau, inflation measured by the Consumer Price Index, fell to 16.10%, lower than 16.25% rate recorded in the month of May. As reported by the National Bureau of Statics read: “Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017.”This was 0.15 percent points lower the rate recorded in May (16.25 percent).
Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017 “On a monthly basis till now, the Headline index increased by 1.58% in June 2017, and 0.30% points lower than the rate of 1.88% recorded in May 2017. Month on Month inflation has cumulatively risen by 9.28% since January 2017.
The report also stated that: “The percentage change in the average composite CPI for the twelve-month period ending in May 2017 over the average of the CPI for the previous twelve-month period was 17.58%, lower from 17.63% recorded in May 2017”.
The Food Index increased by 19.91% (year-on-year) in June 2017, down by 0.64 % points from the rate recorded in May (19.27%) indicating continued pressure in food prices. Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50% (year on-year) in June, down by 0.50% points from rate recorded in May which 13.00%. This represents the 8th straight month of decline in the core index since November 2016.
“The Urban index rose by 16.15% (year-on-year) in June 2017 from 16.34% recorded in May, while the Rural index increased by 16.01% in June from 16.02% in May”. On month-on-month basis, the urban index rose by 1.60% in June from 1.84% recorded in May, while the rural index rose by 1.57% in June from 1.92% in May.
The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.88% in June to 18.69% in May, while the corresponding rural index also increased from 16.50% in May to 16.56% in June.