Inflation Drops to 11.08%

By James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation dropped to 11.08 per cent (year-on-year) in July compared to 11.22 per cent in June, according to the National Bureau of Statistics (NBS).

The bureau stated that the 0.14 per cent reduction in the headline index was as a result of muted increases in key parameters that determine inflation.

According to the CPI figures for July which was released Friday by the statistical agency, food inflation declined to 13.39 per cent in July compared to 13.56 per cent in the preceding month.

Core inflation, which excludes the prices of volatile agricultural produce also dropped to 8.80 per cent in July 2019, representing 0.04 per cent reduction  when compared to 8.84 per cent recorded in June.

Details later…