By Isaiah Ogunrinola:
The National Bureau of Statistics (NBS) said on Monday that the inflation rate has dropped from 11.40% in May to 11.22% in June.
NBS in the report said the June inflation rate of 11.22 percent represented a decrease of 0.18 percentage points over the rate recorded in May.
It also said that on a month-on-month basis, the headline index increased by 1.07 percent in June, representing 0.04 percent rate lower than the 1.11 percent recorded in May.
It said the composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.
It said the rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam, and other tubers, fish, vegetables, and fruits.
The report showed that the urban inflation rate increased by 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.
On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.