Inflation Drops to 11.22%

By James Emejo

The Consumer Price Index (CPI), which measures inflation, declined to 11.22 per cent year-on-year in June compared to 11.40 per cen in May, according to the National Bureau of Statistics (NBS).

Food inflation also reduced to 13.56 per cent in June compared to 13.79 per cent in the preceding month.

According to the CPI figures for June, which was released Monday by the NBS, core inflation, which excludes the prices of volatile agricultural produce dropped to 8.8 per cent in June, down by 0.2 per cent compared with 9.0 per cent recorded in May.

A deceleration in the headline index could encourage the monetary authority to cut the monetary policy rate, thereby lowering the cost of borrowing in the economy.

Details later…