The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of July this year was 11.08 percent.
The NBS said in its monthly consumer price index (CPI), which measures inflation that the figure was 0.14 percent points lower than 11.22 percent recorded in June 2019.
The report released in Abuja on Friday noted that Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
“On month-on-month basis, the Headline index increased by 1.01 percent in July 2019.
“This is 0.06 percent rate lower than the rate recorded in June 2019 (1.07) percent. The percentage change in the average composite CPI for the 12 months period ending July 2019 over the average of the CPI for the previous 12 months period was 11.29 percent, compared to 11.29 percent recorded in June 2019,” it said.
According to the report, the urban inflation rate increased by 11.43 percent (year-on-year) in July 2019 from 11.61 percent recorded in June 2019, while the rural inflation rate increased by 10.64 percent in July 2019 from 10.87 percent in June 2019.
It noted that on a month-on-month basis, the urban index rose by 1.07 percent in July 2019, down by 0.03 from 1.10 percent recorded in June 2019, while the rural index also rose by 0.96 percent in July 2019, down by 0.09 from the rate recorded in June 2019 (1.05) percent.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 11.64 percent in July 2019. This is less than 11.65 percent reported in June 2019, while the corresponding rural inflation rate in July 2019 is 10.97 percent compared to 10.99 percent recorded in June 2019,” the NBS said.
GIK/APA