Nigeria’s inflation rate rising monthly - NBS report

Nigeria’s inflation rate rising monthly - NBS report

Month-on-month inflation rose from 1.09 percentage points in May to 1.24 percentage points in June 2018, data from the National Bureau of Statistics shows.

However, headlong year-on-year inflation fell for the 17th consecutive time; from 11.61% in May 2018 to 11.23% in June.

READ ALSO: Traumatized musician cries out following alleged brutalization by SARS gathers that the report read: “Headline inflation falls 17th consecutive time (11.23% year on year in June 2018 compared to 11.61% in May 2018); food inflation (12.98% from13.45%); Core (10.4% from 10.7%). headline month-on-month inflation, however, rose 1.24% in June from 1.09% in May.

“Highest headline year-on-year inflation in Rivers (13.82%) and lowest in Kwara (8.16%). Highest headline month-on-month inflation in Kogi (2.99%), lowest in Plateau (0.19%).”

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Meanwhile, previously reported that for the 14th consecutive time since January 2017, inflation rate inched closer to the single digits target set by both monetary and fiscal authorities for the economy.

Figures released on Thursday, April 12, by the National Bureau of Statistics (NBS) showed consumer price index (CPI), which measures inflation level in the economy, increased by 13.34% between March 2017 and March 2018.

The statistics agency said the new figure was about 0.99% points less than the 14.33% rate recorded in February 2018.

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