Nigeria’s Inflation Rate Drops To 11.22 Percent In June.
Nigeria’s inflation eased sharply lower in June to 11.22 percent year on year, a 0.18 percent points decrease than 11.40 percent posted in May.
“On a month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 percent.”The urban inflation rate fell to 11.61 percent year-on-year in the month under review, while the rural inflation rate eased to 10.87 percent from 11.08 percent.
The composite food index stood at 13.56 percent in June, compared to the previous months 13.79 percent as increases were recorded in prices of bread and cereals, meat, fish, vegetables and fruits among others.
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