Nigeria's inflation rate drops to lowest in 11 months

Nigerian market
  • Nigeria's inflation rate drops to 11.22% in June 2019.
  • The figure is the lowest rate since July 2018, according to the National Bureau of Statistics (NBS).
  • Analysts estimate headline inflation to be sticky between 11.0% and 11.5%, averaging 11.4% this year. 

Nigeria's inflation rate has dropped to 11.22% in June 2019.

That was the lowest rate since July 2018, according to the National Bureau of Statistics (NBS).

The NBS stated this in its CPI report for June 2019 released in Abuja on Monday. The figure was 0.18% points lower than the rate recorded in May 2019 (11.40%).

According to the Bureau, year-on-year, increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.07% in June 2019, this is 0.04% rate lower than the rate recorded in May 2019 (1.11%).

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

The report showed that the drop was driven by the moderation in food and core Inflation sub-indices. 

Analysts at United Capital Plc estimate headline inflation to be sticky between 11.0% and 11.5%, averaging 11.4% this year. 

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