The National Bureau of Statistics on Wednesday released the Consumer Price Index (CPI) which measures changes in the price level of consumer goods and services on a day-to-day basis. CPI index drops by 0.09 per cent points from 11.23 per cent in June to 11.14 per cent in July.

According to NBS website, this represents 18th consecutive reduction in the rate of inflation.

The report has it that highest prices were recorded in medical services, carpets and other floor coverings, paramedical services, Vehicle spare parts, domestic services and household services, pharmaceutical products, Hairdressing saloons and personal grooming establishment, dental services, motor cars and fuels and lubricants for personal transport equipment.

On month-on-month basis, the Headline index increased by 1.13 per cent in July 2018, down by 0.11 per cent points from the rate recorded in June 2018 (1.24 per cent). This represents the first-time month-on-month headline inflation has declined since February 2018.

The NBS report further said the urban inflation rate eased by 11.66 per cent year-on-year in July 2018 from 11.68 per cent recorded in June 2018.

However, it said the rural inflation rate remained stable at 10.83 per cent in July 2018.
On food index, the NBS report said this rose by 12.85 per cent in July compared to 12.98 per cent recorded in June. This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Vegetables, Bread and cereals, Fish, Oils and Fat and Fruits.

On month-on-month basis, the food sub-index increased by 1.40 per cent in July 2018, down by 0.17 per cent points from 1.57 per cent recorded in June.
This represents the first-time month on month food inflation has declined since February 2018.

The ”All items less farm produce” excluding prices of volatile agricultural produce stood at 10.2 per cent in July 2018, down by 0.2 per cent from the rate recorded in June 2018 (10.4) per cent.

This represents the 16th consecutive decline in year on year core inflation since March 2017 on month-on-month basis, the core sub-index increased by 0.81 per cent in July 2018. This was down by 0.22 per cent when compared with 1.03 per cent recorded in June 2018.

Check stats at http://www.naijadazz.com/nbs-inflation-rate-drops-to-11-14-in-july/