SAN FRANCISCO, August 15, (THEWILL) – The Consumer Price Index (CPI), which measured inflation continued on downward trend in July by dropping to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in the previous month.
The National Bureau of Statistics (NBS), announced this in its CPI report for July released on Wednesday in Abuja.
NBS said the figure is 0.09 per cent points less than the rate recorded in June, indicating 18 consecutive reductions in inflation rate since the last 18 months.
It was also revealed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report shows that the Headline Index increased by 1.13 per cent in July, down by 0.11per cent points from the rate recorded in June On a month-on-month basis.
However, it noted that the drop was the first month-on-month headline inflation decline since Feb. 2018, stating that 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.
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