By Nse Anthony-Uko
ABUJA, (Sundiata Post) –Headline inflation has reduced marginally to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 per cent in June 2017, according to the inflation report released by the National Bureau of Statistics (NBS) on Monday.
This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.
However, the food inflation hit an 8-year as pressure on food prices increased in July with leading 20.28 per cent rise in the Food Inflation (year-on-year) from 19.91 per cent in June.
This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.
On a month-on-month basis, the Headline index increased by 1.21 percent in July 2017, 0.37 percent points lower from the rate of 1.58 percent recorded in June.
On a month-on-month basis, however, the Food sub-index increased by 1.52 percent in July, down by 0.47 percent points from 1.99 percent recorded in June.
Core inflation which excludes the prices of volatile agricultural produce eased by 0.30 percent in July to 12.20 percent points from 12.50 percent recorded in June. Core inflation similar to overall/headline inflation has declined consecutively since January 2017.
On a month-on-month basis, the Core sub-index increased by 1.00 percent in July, 0.32 percent points lower from 1.32 percent recorded in June
