Nigeria’s Inflation rate drops to 11.22% in May

0
122

The National Bureau of Statistics (NBS) on Monday said the Consumer Price Index (CPI) which measures inflation rate dropped to 11.22 percent in June 2019.

The NBS disclosed this in its latest inflation report posted on its Website.

The agency said the inflation dropped by 0.18 percent points year-on-year basis from the 11.40 percent recorded in May.

It also said that on month-on-month basis, the headline index increased by 1.07 percent in June, and representing 0.04 percent rate lower than the 1.11 percent recorded in May.

“The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.

“The urban inflation rate increased by 11.61 percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate  recorded in May 2019 (1.07) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.65 percent in June 2019.

“This is less than 11.66 percent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 percent compared to 10.98 percent recorded in May 2019,”  it added.

Amaka E. Nliam