Inflation rate stabilises at 9.2%

The consumer price index (CPI) which measures inflation in Nigeria for the month of July stood at 9.2 percent, the same value recorded in June 2015, the Nigerian Bureau of Statistics (NBS) has confirmed.

According to a report released by the Bureau on Wednesday, the headline index has held at the same rate for the second consecutive month, a first in 2015.

“In July, the Consumer Price Index (CPI) which measures inflation rose by 9.2 percent (year-on-year), unchanged from the rate recorded in June,” the NBS said in its report.

“The Headline index has held at the same rate for the second consecutive month as a result of muted rises in the food and non-alcoholic beverages, housing water, electricity, gas and other fuel, and furnishings & household equipment maintenance divisions amongst others.”

The year opened at an inflation rate of 8.2 percent, rising by at least 0.1 percent every month since January till June.

Beside the headline index, the food sub-index rose by 10.0 percent (year-on-year) in July, the same pace for the second consecutive month.

“The pace of advances recorded by the all items less farm produce or core sub-index increased at a faster pace in July,” it said.

“The core sub-index increased by 8.8 percent (year-on-year), 0.4 percentage points from 8.4 recorded in June with the highest pressures observed in the transportation, education and miscellaneous good and services divisions.”

Though the inflation rates for the months of June and July has been the highest in 2015, the stagnation recorded in July is an evidence of a probable reduction in inflation for the coming months.