Inflationary rate in Nigeria has dropped for the sixth consecutive time, the National Bureau of Statistics, NBS, has reported.
The NBS, in its Consumer Price Index released on Monday, indicated that inflation dropped marginally from 16.1 per cent in June to 16.05 per cent in the month of July.
According to the NBS report, this is the sixth consecutive time that the index would be dropping since January this year.
The report reads in part: ”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.”
