#News: National Inflation drops to 11.23 percent

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The National Bureau of Statistics on Monday the 23rd of July, noted that the Consumer Price Index which measures inflation rate dropped by 0.37 percentage points from 11.61 per cent in May to 11.23 per cent in June. This is said to be the seventeenth month since January 2017 that the index would be recording continuous decline.

Urban and Rural Inflation rate

The report said urban inflation rate eased to 11.68 per cent year-on-year in June, from 12.08 per cent recorded in May, while the rural inflation rate also eased 10.83 per cent in June from 11.20 per cent in May

Monthly Analysis

On a month-on-month basis, the urban index rose by 1.24 per cent in June, up by 0.14 from 1.10 per cent recorded in May, while the rural index also rose by 1.23 per cent in June, up by 0.15 per cent from the rate recorded in May.

Rankings based on State

Inflation on a year on year basis was highest in Rivers State (13.82 per cent), Kebbi State (13.61 per cent) and Adamawa State (13.41 per cent), while Kwara State (8.16 per cent), Benue State (9.28 per cent) and Plateau State (9.49 per cent) recorded the slowest rise in headline Year on Year inflation.

On a month-on-month basis however, it said June inflation was highest in Kogi State (2.99 per cent), Oyo State (2.50 per cent), and Gombe State (2.01 per cent), while Plateau State (0.19 per cent), Kaduna State (0.22 per cent) and Edo State (0.41 per cent) recorded the slowest rise on a month-on-month inflation.

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