Nigerian inflation slowed for 17th Month in July, 2018: CBN Governor.

For the 17th consecutive month, inflation rate has continued a downward trajectory, declining from 11.61 per cent in May to 11.23 per cent (year-on-year) in June and now 11.20 per cent in July 2018.

The latest figures released by the National Bureau of Statistics (NBS) indicated that the Consumer Price Index (CPI), which measures inflation, stood at 11.23 per cent in June, a 0.37 percentage point drop over the 11.61 per cent posted in May.

The decline represents the 17th consecutive disinflation since January 2017.

An analysis of the new figures showed that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline index.

On a month-on-month basis, the headline index increased by 1.24 per cent in June 2018, up by 0.15 percentage points from the rate recorded in May 2018.

The percentage change in the average composite CPI for the 12-month period ending June 2018 over the average of the CPI for the previous 12 months period was 14.37 per cent, 0.42 percentage point drop over the 14.79 per cent recorded in May 2018.

The urban inflation rate eased by 11.68 per cent (year-on-year) in June 2018 from 12.08 per cent recorded in May 2018, while the rural inflation rate also eased 10.83 per cent in June 2018 from 11.20 per cent in May 2018.

On month-on-month basis, the urban index rose by 1.24 per cent in June 2018, up by 0.14 per cent from the 1.10 per cent recorded in May 2018, while the rural index also rose by 1.23 per cent in June 2018, up by 0.15 per cent from the rate recorded in May 2018 (1.08) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index was 14.71 per cent in June 2018.

This is less than the 15.10 per cent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 per cent compared to 14.53 per cent recorded in May 2018.