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Inflation rate continues on Snail speed, drops to 16.05% in June—-NBS

Latest data released on Monday, by the Statistician General for the Federation and Chief Executive of National Bureau of Statistics (NBS), Dr. Yemi Kale, has shown that national inflation rate dropped from 16.1 per cent in June to 16.05 per cent in the month of July.

Otherwise, the released data on Consumer Price Index (CPI), which measures inflation rate of the country made a backward movement considered very infinitesimal by experts to 16.05 per cent.

Kale averred that the index dropped marginally, adding that this was the sixth consecutive time that the index would be dropping since January this year.

Details indicated that “The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016”.

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the Headline Index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”