Nigeria: Inflation Rate Dropped to 11.22% in June - NBS

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Inflation rate dropped by 0.18 percent from 11.40 percent recorded in May to 11.22 in June, 2019, the National Bureau of Statistics (NBS) has said.

The consumer price index (CPI) which measures inflation released yesterday by the NBS revealed that increases were recorded in items that yielded the Headline inflation rate.

On month-on-month basis, the Headline Index increased by 1.07 percent in June 2019, being 0.04 percent rate lower than the 1.11 percent recorded in May, 2019.

"The percentage change in the average composite CPI for the 12 months period ending June 2019 over the average of the CPI for the previous 12 months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019," the report stated.

The report showed that urban inflation rate increased by 11.61percent (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 12-month year-on-year average percentage change for the urban index was 11.65 percent in June 2019.

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