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Nigeria's annual inflation rate fell to 11.23% in June 2018 for the seventeenth consecutive decline.
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Despite annual disinflation, food prices rose to 12.98% in June.
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Monthly inflation rose 1.24% in June from 1.09% in May 2018.
Food prices continued to rise in June 2018, although the rate of inflation Nigeria's annual decline fell to 11.23% for its seventeenth consecutive decline and its lowest in almost three years.
rate recorded in May 2018 (11.61%) and represents the tenth consecutive disinflation since January 2017.
The National Bureau of Statistics (SNB) revealed this in its CPI report entitled "CPI and Report of Inflation June 2018, "published Monday, July 23, 2018, in Abuja, capital of Nigeria
The CPI measures the average change over time in prices of goods and services consumed by people for everyday life.
According to the report, despite the following In 1965, food prices rose by 12.98% in June compared with the previous year and a seventh consecutive month of deceleration.
SNB data show that inflation rose from 1.09% in May to 1.24% in June.
"The overall inflation drops for the seventeenth consecutive time (11.23% over one year in June 2018 against 11.61% in May 2018), food inflation (12.98% against 13.45%). Core (10.4% of 10.7%) .The overall monthly inflation, however, rose 1.24% in June from 1.09% in May, "the report read.
Food Index
The NBS noted that the compound food index increased by 12.98% in June 2018 (13.45% in May 2018)
The Bureau of Statistics stated that the rise in the food index was caused by rising prices of potatoes, yams and other tubers, bread and cereals, fish, oils and fats, milk, cheese and eggs, vegetables, fruits and meat
D & A month on the other, the food sub-index rose 1.57% in June 2018, up 0.2%, compared with 1.33% recorded in May 2018. The average annual rate The change in the food sub-index for the twelve-month period ending June 2018 was 17.75%, down 0.61% from the average annual rate of change registered in May 2018 (18.36%). the central bank's monetary policy committee meets to decide on key economic issues and the lending rate.
The key lending rate has been kept constant at 14% since July 2016 to support the troubled naira and curb inflation.
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