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Inflation drops to 11.08%, Food gets cheaper in Ondo, Ogun

Date:

According to the CPI/Inflation report released by the National Bureau of Statistics on Friday, the prices of food items witnessed a decline in Ondo and Ogun States.

The report also said as the consumer price index came in at 11.08%; 0.14 percentage points lower than the 11.22% recorded in June 2019.

Inflation measures the rate of increase in the prices of goods and services within a period. A drop in its rate does not necessarily translate to a drop in prices.

“In July 2019, it was on a year on year basis was highest in Kebbi (17.75%), Ekiti (16.23%) and Adamawa (16.00%), while Delta (10.60%), Bayelsa (10.43%) and Kogi (10.36%) recorded the slowest rise,” the report read.

“On month on month basis however, July 2019 was highest in Yobe (2.82%),Taraba (2.56%) and Ekiti (2.38%), while Kogi (0.06%) recorded the slowest rise with Ogun and Ondo recording food price deflation or negative (general decrease in the general price level of goods and services or a negative
inflation rate).”

All the indices that contribute to the CPI witnessed a slowdown — same as June.

On a year-on-year basis, Urban inflation was put at 11.43% as against 11.61% in June; rural inflation at 10.64% as against 10.87% in the preceding month.

“The composite food index rose by 13.39% in July 2019 compared to 13.56% in June 2019. The All items less farm produce or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.80% in July 2019, down by 0.04% when compared with 8.84% recorded in June 2019.”

The Central Bank of Nigeria and federal government still express hope of a single-digit inflation rate with the latter bench marking inflation at 9.98% in the 2019 budget.

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