Nigeria's inflation declines to the lowest rate in more than 2 years in July

Nigeria's inflation rate continued to decline since January 2017 after reaching more than 12 year-high.

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report titled ‘CPI and Inflation Report July 2018’, released on Wednesday, August 15, 2018, in Abuja, Nigeria's capital city.

The CPI measures the average change over time in prices of goods and services consumed by people for the day-to-day living.

The decline is 0.09% points less than the rate recorded in June 2018 (11.23%) and represents an eighteenth consecutive disinflation in headline inflation year on year.

NBS said the Headline index increased by 1.13% in July 2018, down by 0.11% points from the rate recorded in June 2018 (1.24%).

According to the report, food index dropped by 12.85% in July 2018 compared to 12.98% in June 2018, representing the tenth consecutive decline in year on year food inflation since September 2017.

In June 2018, food index increased by 12.98% as a result of sharp increases in prices of Potatoes, yam and other tubers, Bread and cereals, Fish, oils and fats, Milk, Cheese and Eggs, Vegetables, Fruits and Meat.

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