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NBS: Inflation rate drops to 16.05%

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The National Bureau of Statistics says the inflation rate dropped from 16.1 per cent in June to 16.05 per cent in the month of July.

The NBS disclosed this on Monday with the release of the Consumer Price Index which measures inflation rate of the country, the News Agency of Nigeria reports.

It said the index dropped marginally, adding that this was the sixth consecutive time that the index would be dropping since January this year.

“The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the Headline Index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”

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