Inflation rate falls to 11.23% in June

NIGERIA’s inflation figure fell to 11.23 per cent (year-on-year) in June 2018, according to National Bureau of Statistics (NBS).

This is 0.37 per cent points less than the rate recorded in May 2018 (11.61) per cent and represents the seventeenth consecutive disinflation since January 2017.

On a month-on-month basis, the Headline index increased by 1.24 per cent in June 2018, up by 0.15 per cent points from the rate recorded in May 2018.

The percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37 per cent, showing 0.42 per cent point lower from 14.79 per cent recorded in May 2018.

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The urban inflation rate eased by 11.68 per cent (year-on-year) in June 2018 from 12.08 per cent recorded in May 2018, while the rural inflation rate also eased 10.83 per cent in June 2018 from 11.20 per cent in May 2018.

On a month-on-month basis, the urban index rose by 1.24 per cent in June 2018, up by 0.14 from 1.10 per cent recorded in May 2018, while the rural index also rose by 1.23 per cent in June 2018, up by 0.15 per cent from the rate recorded in May 2018(1.08) per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 per cent in June 2018.

This is less than the 15.10 per cent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 per cent compared to 14.53 per cent recorded in May 2018.