The Nigerian economy is gradually coming out of recession, with the annual inflation falling in June for the fifth straight month, the National Bureau of Statistics (NBS) said Monday.
The bureau said inflation, measured by the Consumer Price Index (CPI), fell to 16.10 per cent, lower than 16.25 per cent rate recorded in May.
“The latest index represents the fifth consecutive decline in the rate of inflation since January 2017,” the statistics agency said. The index reflects the average change over time in prices of goods and services consumed by people for day-to-day living. On a month-on-month basis, the NBS said the index was 0.30 per cent lower than 1.88 per cent recorded the previous month.”
The report noted that the price movement reflected the eighth straight month of decline in the core index since November 2016.
The urban index rose by 16.15 per cent (year-on-year) in June 2017 from 16.34 per cent recorded in May, while the rural index increased by 16.01 per cent in June from 16.02 per cent in May. (The Sun)
