By Etuka Sunday
National Bureau of Statistics (NBS) yesterday disclosed that the Country’s inflation has dropped from 11.61 percent recorded in May to 11.23 percent in June, 2018.
NBS in its Monthly Report said, “the Consumer Price Index (CPI) which measures inflation increased by 11.23 percent (year-on-year) in June 2018.
“This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017.
“Increases were recorded in all COICOP divisions that yield the Headline index.
“On a month-on-month basis, the Headline index increased by 1.24 percent in June 2018, up by 0.15 percent points from the rate recorded in May 2018”, it said.
The Bureau said, the percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37 percent, showing 0.42 percent point lower from 14.79 percent recorded in May 2018.
It said, the urban inflation rate eased by 11.68 percent (year-on-year) in June 2018 from 12.08 percent recorded in May 2018, while the rural inflation rate also eased 10.83 percent in June 2018 from 11.20 percent in May 2018.
“On month-on-month basis, the urban index rose by 1.24 percent in June 2018, up by 0.14 from 1.10 percent recorded in May 2018, while the rural index also rose by 1.23 percent in June 2018, up by 0.15 percent from the rate recorded in May 2018(1.08) percent.
“The corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 percent in June 2018.
“This is less than the 15.10 percent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 percent compared to 14.53 percent recorded in May 2018”, NBS said.