Economy

Inflation drops to 11.22% in May

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The National Bureau of Statistics (NBS) on Monday said the Consumer Price Index (CPI) which measures inflation rate dropped to 11.22 per cent in June 2019.

The NBS disclosed this in its latest inflation report posted on its Website.

The agency said the inflation dropped by 0.18 per cent points year-on-year basis from the 11.40 per cent recorded in May.

It also said that on month-on-month basis, the headline index increased by 1.07 per cent in June, representing 0.04 per cent rate lower than the 1.11 per cent recorded in May.

“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.

“The urban inflation rate increased by 11.61 per cent (year-on-year) in June 2019 from 11.76 per cent recorded in May 2019, while the rural inflation rate increased by 10.87 per cent in June 2019 from 11.08 per cent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 per cent in June 2019, up by 0.05 from 1.15 per cent recorded in May 2019, while the rural index also rose by 1.05 per cent in June 2019, up by 0.02 from the rate  recorded in May 2019 (1.07) per cent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.65 per cent in June 2019.

Edited by Tajudeen Atitebi

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