Nigeria’s Inflation Rate Drops in 5th Successive Month

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For the fifth consecutive month, Nigeria has seen inflation rate decline. Official data from the Bureau of Statistics (NBS) showed that inflation dropped from 16.5 percent in May to 16.1 percent in June 2017.

June marked the fifth consecutive month of consecutive drop in inflation rate after it peaked at 18 percent in January this year.

Headline index dropped to 1.58 percent in June when analysed on a month-to-month basis, from 1.88 percent recorded in May 2017.

“Month on Month inflation has cumulatively risen by 9.28% since January 2017,” the report further revealed.

However, food prices continue to rise, pressured by poor structural issues such as weak transportation infrastructure and storage facilities.

The Food sub-index, according to the report, increased by 1.99 percent in June, up by 0.64 percent points from 2.54 percent recorded in May.

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