Nigeria’s Inflation Slows To 11.22% In June 2019
The National Bureau of Statistics (NBS) says the Consumer Price Index, (CPI) which measured inflation for June dropped to 11.22 percent (year-on-year) from 11.40 percent recorded in May.
The NBS disclosed this in its “CPI and Inflation Report” for June released in Abuja on Monday.
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According to the Bureau, the figure is 0.18 per cent points lower than the rate recorded in May.
The statistics indicate that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
On month-on-month basis, the report highlighted that the headline index increased by 1.07 percent in June 2019, which is 0.04 percent rate lower than the 1.11 percent recorded in May 2019.
Also, food inflation slowed down at 13.56% from 13.79% in June 2019, while Core inflation dropped to 8.80% from 9.00% recorded in the previous month.
