According to the National Bureau of Statistics (NBS) who are charged with the responsibility of releasing consumer price index – a metric of inflation – have stated that Nigeria has once again recorded a drop in inflation, as it reduced from the 11.22 per cent recorded in June 2019 to 11.08 per cent in July.
Earlier in June, the country had recorded a drop in inflation, as the rate dropped from its former figure at 11.40 percent in May 2019 to 11.22 in the following month.
The NBS in its latest inflation rate report stated that the CPI recorded a year-on-year increase and that the difference in month-on-month decline between June and the succeeding month was 0.14 per cent.
The statement read:
“The consumer price index which measures inflation increased by 11.08 per cent (year-on-year) in July 2019. This is 0.14 per cent points lower than the rate recorded in June 2019 (11.22 per cent).
“On month-on-month basis, the headline index increased by 1.01 per cent in July 2019. This is 0.06 per cent rate lower than the rate recorded in June 2019 (1.07) per cent.
“The percentage change in the average composite CPI for the twelve months period ending July 2019 over the average of the CPI for the previous twelve months period was 11.29 per cent, compared to 11.29 per cent recorded in June 2019.”
The NBS stated that the year-on-year urban inflation rate increased by 11.43 percent in July 2019 from 11.61 per cent recorded in June 2019. On the other hand, the rural inflation rate increased by 10.64 per cent in July 2019 from 10.87 per cent in the preceding month.
Godwin Emefiele said the apex bank will continue to tighten the affecting economic policies due to the inflation outlook.
He said the Central Bank had projected that Nigerian economy to grow by 3% in 2019, higher than the 1.93% recorded in 2018 and inflation rising to 12% this year before moderating.