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Breaking: Downward move as Nigeria’s inflection rate shifts
The National Bureau of Statistics, Monday, has said that Nigeria’s inflation rate dropped by 0.18 percent in the month of June.
The NBS said that the consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019.
It said this was as a result of a 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.
According to it, “Increases were recorded in all COICOP divisions that yielded the Headline index.
On month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.
“The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.”