SAN FRANCISCO, August 16, (THEWILL) – The Nigeria Bureau of
Statistics (NBS), has said the average change in the prices of foods and services, representing inflation, reduced in July compared to June.
According to the NBS, the Headline Inflation reduced to 11.08 per cent in July from 11.22 per cent in June while food Inflation reduced from 13.56 per cent in June to 13.39 per cent in July.
When compared to the 1.36 per cent recorded in June, the food sub-index decreased to 1.26 per cent recorded in July 2019, giving 0.10 per cent points while the Core Inflation reduced from 8.84 per cent in June to 8.80 per cent in July.
“The average annual rate of change of the Food sub-index for the twelve-month period ending July 2019 over the previous twelve-month average was 13.46 13.42 percent, 0.04 percent points from the average annual rate of change recorded in June 2019 (13.42) percent,” it said.
On a 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) percent.
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.
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