Inflation rate drops for sixth consecutive time to 16.05%

Ebun Francis || Nigeria’s inflation rate dropped for the sixth consecutive time since the beginning of 2017 according to the Consumer Price Index which measures inflation released by the National Bureau of Statistics on Monday.

According to the report, the index dropped marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

Part of the report read, ” 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.”

Details later…

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