By Oladipupo Mojeed
The National Bureau of Statistics (NBS) on Monday said the Nigerian economy is gradually coming out of recession, with the annual inflation falling in June for the fifth straight month.
According to the bureau, inflation measured by the Consumer Price Index 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.
What is index?
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 in the previous month.
The report also noted that the price movement reflected the eighth straight month of decline in the core index since November 2016.
The Urban index also rose by 16.15 per cent (year-on-year) in June 2017 from 16.34 percent recorded in May, while the Rural index increased by 16.01 percent in June from 16.02 percent in May.
On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 percent recorded in May, while the rural index rose by 1.57 percent in June from 1.92 percent in May.
“The Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017. This was 0.15 percent points lower the rate recorded in May (16.25 percent).
“Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017 On a month-on-month basis, the Headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded in May 2017,” it stated.