Nigeria’s July inflation falls to 16.05% says NBS

Nigeria’s July inflation falls to 16.05% says NBS

Africa’s largest economy is seeing another gradual reduction in prices as its July inflation is reported to have crashed further to 16.05%.

According to the National Bureau of Statistics, NBS Consumer Price Index (CPI) which measures inflation increased by 16.05% (year-on-year) in July 2017.

It is a slower fall but at least 0.05% points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

The NBS said on a month-on-month basis, the headline index increased by 1.21%  in July 2017, 0.37% points lower from the rate of 1.58 percent recorded in June.

The percentage change in the average composite CPI for the twelve-month period ending in July 2017 over the average of the CPI for the previous twelve-month period was 17.47 percent, 0.11 percent point lower from 17.58 percent recorded in June 2017.