Nigeria CPI Drops to 11.14 Percent

Nigeria’s National Bureau of Statistics says the consumer price index, which measured inflation for July dropped to 11.14% year-on-year from 11. 23% recorded in June, NAN reported. The NBS disclosed this in its “CPI and Inflation Report’’ for July released on Wednesday in Abuja. According to the bureau, the figure is 0.09% points less than the rate recorded in June. The bureau said the figure showed 18 consecutive reductions in inflation rate since January 2017. The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose divisions that yielded the headline index. On a month-on-month basis, NBS said the headline index increased by 1.13% in July, down by 0.11% points from the rate recorded in June. According to the bureau, the drop was the first month-on-month headline inflation decline since Feb. 2018. It said the percentage changed in the average composite CPI for 12 months period ended July over the average of CPI for the previous 12 months period. It, however, measured the CPI at 13.95% in the period under review, showing 0.42% point lower from 14.37% recorded in June.