Nigeria’s Inflation rate now 16.05%

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Nigeria has experienced a drop in its Inflation rate according to the National Bureau of Statistics NBS which recorded 16.1 per cent in June to 16.05 per cent in the month of July.

It said the index dropped marginally adding that this  was  sixth consecutive time that the index would be dropping since January this year.

” The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the Headline index increased by 1.21 per cent in July 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.