Advertisement

Major indices positive as inflation drops to 11-month low

Major indices positive as inflation drops to 11-month low
July 15
18:00 2019
Advertisement

The major indices used to measure the consumer price index increased slower in June than in May, a recent report released by the National Bureau of Statistics (NBS) has shown.

The inflation, which was released on Monday, showed that the inflation rate dropped to 11.22%.

This is the lowest point reached since July 2018 when it was put at 11.14%.

According to the report, food inflation slowed to 13.56% from 13.79% in May. Urban inflation slowed to 11.61% from 11.76%.

Rural inflation moved to 10.87% in June from 11.08% in May. All Items inflation (excluding food items) slowed to 8.8% from 9%.

Inflation measures the rate of increase in the prices of goods and services within an economy.

“This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits,” the report read.

“In June 2019, food inflation on a year on year basis was highest in Kaduna (17.50%), Kebbi (16.96%) and Ondo (16.44%), while Abia (10.84%), Bayelsa (9.97%) and Kogi (9.81%) recorded the slowest rise.

“On month on month basis, however, June 2019 food inflation was highest in Kogi (3.20%), River (2.96%) and Osun (2.58%), while Anambra (0.47%), Yobe (0.33%) and Kaduna (0.26%) recorded the slowest rise.”

RECEIVE ALERTS FROM THECABLE

WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement

Exchange Rates

November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement