BusinessTop Story

Inflation in Nigeria drops to 11.14% in July

281

Nigeria’s inflation declined to 11.14% for the 18th time year-on-year according to data released by the National Bureau of Statistics (NBS), Wednesday.

The July inflation declined 0.09% points less than June’s 11.23%, representing an 18th  consecutive disinflation in headline inflation year on year.

Figures show that urban inflation rate eased by 11.66% (year-on-year) in July 2018 from 11.68 percent recorded in June 2018, while the rural inflation rate remained flat at 10.83 percent in July 2018 from 10.83 percent in June 2018.

On a month-on-month basis, the urban index rose by 1.23% last month, down by 0.01 from 1.24% recorded in June, while the rural index also rose by 1.18% last month, down by 0.05% previously recorded 1.23% in June, statistics from the data body shows.

Nigeria’s composite food index rose by 12.85% last month, compared to 12.98 percent in June 2018, representing a consecutive decline in year on year food inflation since September 2017.

This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers and vegetables.

 

Leave a comment

Related Articles

UBA at 75: It’s testament to resilience, innovation, remarkable financial strength – GMD

In its 75 years of operation, the United Bank for Africa (UBA)...

Breaking: Tragedy as Iran’s President Raisi, 8 others die in helicopter crash

All nine people on board of Iranian President Ebrahim Raisi’s helicopter which...

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...

Fake News: No fire outbreak from our tank farm in Lagos—NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report...

Just in: Court denies Binance executive Tigran Gambaryan bail

A Federal High Court sitting in Abuja has denied the bail application...

No attempt to illegally use pension funds for infrastructure development – FG

Minister of Finance Wale Edun has refuted claims that the Federal Government...

FG opens student loan application portal May 24

The Federal Government has announced May 24, 2024, as the official date...

Just in: Tinubu, Senegalese President, in closed-door meeting at Aso Rock

President Bola Tinubu is in a closed-door meeting with the new Senegal...

Breaking: Emirates Airlines to resume operations in Nigeria Oct. 1

Emirates Airlines says it plans to resume operations in Nigeria on October...

Breaking: Pres. Tinubu inaugurates three milestone gas infrastructure projects in Delta, Imo States

President Bola Tinubu inaugurated three landmark projects on Wednesday, which include the...

Pres.Tinubu set to inaugurate Kwale Gas Processing Plant (GPP-1)

President Bola Tinubu is set to inaugurate the three critical gas infrastructure...

Gov. Fubara opens can of worms, says Wike’s projects debts gargantuan, killing

Rivers Gov. Siminalayi Fubara has opened up on the colossal debts handed...

FG plans performance-based salary scheme for its workforce

A new performance-related pay system for employees in the federal civil service...

Just in: Gov. Fubara to probe predecessor, Wike, inaugurates panel of inquiry

Barring last minute change of plans, Rivers Gov. Siminalayi Fubara, has indicated...

Tinubu at FEC meeting, orders MDAs to procure CNG vehicles

In a bid to harness Nigeria’s gas potential, President Bola Tinubu has...

Tinubu swears in two NPC commissioners

President Bola Tinubu has appointed two more commissioners to the National Population...

Presidency breaks silence on Rivers political crisis, says will be neutral but Rivers govt. must function

As the political crisis in Rivers State rages, President Bola Tinubu says...

Breaking: Rivers High Court Restrains Amaewhule, 24 Others From Parading Themselves As Lawmakers

The Rivers State High Court in Port Harcourt issued an interim injunction...

Prince Harry, wife arrive in Nigeria, pledge to promote Invictus Games

Prince Harry and his wife, Meghan Markle, have arrived in Nigeria for...