June’s Inflation eases to 16.10%, aids by base year effect
Review of NBS Release:
Latest data from the National Bureau of Statistics (NBS) on Consumer Price Index (CPI) for June 2017 showed a further drop in the rate to 16.10% year-on-year (YoY). The headline inflation index released on Monday, July 17, 2017, showed a deceleration for the fifth month in a row from 16.25% reported in May, representing 15 basis points’ decline.
Despite this development, the inflation figure continues to trail the single digit era by as much as seventeenth months.
The moderate dip in June’s CPI was largely impacted by effect of easing on the prices of imported good items as well as favorable base effects over prices as at 2016 comparable period.
Amongst the CPI categories, the Food sub-index moved up rapidly to 19.91% (YoY), 64 basis points lower than 19.27% reported in May. On month-on-month (MoM) basis, the food index was less troubled as it increased marginally by 1.99%, compared to 2.54% recorded in May. The rise in the index was caused by increases in prices of meat, bread & cereals, fish, potatoes, yam & other tubers milk cheese & eggs, oils & fats, coffee, tea and cocoa.
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