The National Bureau of Statistics, NBS, on Monday, August 28, released Nigeria’s Consumer Price Index, CPI for the month of July.
Inflation in July 2017 plunged to 16.05 percent from 16.10 percent recorded in June, representing a drop by 0.05 percent.
According to the stats office, increases were recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent 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.
The Urban index rose by 16.04 percent (year-on-year) in July 2017, down by 0.11 percent point from 16.15 percent recorded in June, and the Rural index increased by 16.08 percent in July from 16.01 percent in June.
On month-on-month basis, the urban index rose by 1.25 percent in July 2017, down by 0.35 percent point from 1.60 percent recorded in June, while the rural index rose by 1.18 percent in July 2017, down by 0.39 percent point from 1.57 percent in June.
The corresponding 12 month year-on-year average percentage change for the urban index increased from 18.69 percent in June to 18.43 percent in July, while the corresponding rural index also increased from 16.56 percent in June to 16.60 percent in July.
