The National Bureau of Statistics today, released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July. The Bureau in the report on Monday, said this is the sixth consecutive time that the index would be dropping since January this year.
The report stated that,” The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.
“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017, the report read. On a month-on-month basis, the headline index increased by 1.21 per cent in July, 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”
However, food prices increased with July recording the highest year-on-year increase in inflation since 2009.
“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%). This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”
Inflation rate had declined from 18.72% in January to stand at 16.05% in July
