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Nigeria’s Inflation Rises To 1.24% In June

The rate at which the prices of good and services are increasing is on the rise, the National Bureau of Statistics says.

NBS, in a data made available on Monday showed that month-on-month inflation rose from 1.09 percentage points in May to 1.24 percentage points in June.

However, year-on-year inflation slowed from 11.61 percentage points in May to 11.23 percentage points in June, marking the 17th consecutive month of disinflation since January 2017 when inflation rate first slowed.

“Headline inflation falls 17th consecutive time (11.23% year on year in June 2018 compared to 11.61% in May 2018); food inflation(12.98% from13.45%); Core(10.4% from 10.7%). headline month-on-month inflation, however, rose 1.24% in June from 1.09% in May,” the report read.

“Highest Headline year-on-year inflation in Rivers (13.82%) and lowest in Kwara(8.16%). Highest Headline month-on-month inflation in Kogi(2.99%), lowest in Plateau (0.19%).”

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