• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Inflation rate drops for the 18th consecutive time

Dennis Adesanoye by Dennis Adesanoye
August 15, 2018
in Business News, Politics
Inflation rate drops for the 18th consecutive time
Share on FacebookShare on TwitterShare on Linkedin

Key Highlights 

  • Inflation rate stood at 11.14% in July.
  • Inflation rate reduces by 0.09% from June.
  • Inflation rate increased by 1.13% on month-on-month basis.
  • Food inflation stood at 12.85% in July.
  • Core Inflation stood at 10.2% in July.

The National Bureau of Statistics (NBS), on Monday released the Consumer Price Index (CPI) for July 2018. The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. 

The report shows inflation increased by 11.14% (year-on-year) in July 2018 which is 0.09% less than the recorded rate in June, 2018 (11.23%). This reduction is the eighteenth consecutive month inflation rate has been dropping since January, 2017. 

Core Inflation 

According to the NBS report, core inflation stood at 10.2% and decreased by 0.2% in the month of July from the 10.4% recorded in June. On a month on basis, it rose by 0.81% in the period under review. It was down by 0.22% when compared with 1.03% recorded in June. 

RelatedStories

Top 10 States with the most road accidents in Nigeria in Q3 2023 

Top 10 States with the most road accidents in Nigeria in Q3 2023 

February 25, 2024
NBS says Nigeria’s labour force survey report will be launched in Q2 2023

NBS Report: Road accidents surge by 24.23% in Q4 2023, commercial vehicles most affected 

February 23, 2024

However, the percentage change in the average composite CPI for the twelve-month period ending July, 2018 over the average of the CPI for the previous twelve-month period was 11.48%, which is a reduction of 0.17% from 11.65% recorded in June. 

Food Inflation 

The Composite Food Index rose by 12.85%, during the period under review, compared to 12.98% in June 2018. The figure shows food inflation has been declining year on year for the tenth consecutive month. The reduction was caused by the increase in price of potatoes, yam and other tubers, fish, bread and cereals, Oil and fats, vegetables and fruits. 

Also, on a month-on-month basis, the Food sub-index increased by 1.40% in the month of July 2018, it went down by 0.17% from 1.57% that was recorded in the previous month of June. 

The CPI report also shows that the average annual rate of change of the Food sub-index for the twelve-month period ending July 2018 over the previous twelve-month average was 17.10%, which is a reduction of 0.65% from the average annual rate of change recorded in the month of June (17.75%). 

Urban Inflation

Meanwhile, the report equally shows that there is a 11.66% reduction in the urban inflation rate (year-on-year) in July 2018 from 11.68% recorded in the previous month of June 2018. The rural inflation rate remained unchanged, thus, standing at the same 10.83% recorded in the previous month of June 2018.

In the same vein, the Urban Index rose by 1.23% in July 2018 from 1.24% recorded in June, which shows a reduction of 0.01 on a month-on-month basis. For Rural Index, it also rose by 1.18%, from the recorded figure of 1.23% in the previous month of June.

The corresponding 12-month year-on-year rural inflation rate in the period under review is 13.64% compared to 14.08% in June 2018 while the corresponding urban index was 14.33% in July which is less than 14.71% reported in June, 2018.

All Items Inflation (states)

Meanwhile, during the month under review, Kebbi State recorded the highest all-items-inflation with a figure of 13.43%. Rivers State (13.09%) and Kaduna State (13.01%) followed in that order, while Plateau State (8.82%) recorded the slowest rise in price during the period. Ogun followed with 8.86% while Kwara recorded 9.63% on a year-on-year all item basis in July, 2018. 

Implication 

For investors, falling inflation means lower yields on treasury bills and other government securities. For select borrowers, the drop in inflation, in theory, should lead to lower rates. 

[wpdatachart id=249]


Follow us for Breaking News and Market Intelligence.
Tags: July 2018 inflation rateNational Bureau of Statistics (NBS)
Dennis Adesanoye

Dennis Adesanoye

Related Posts

Top 10 States with the most road accidents in Nigeria in Q3 2023 
Features

Top 10 States with the most road accidents in Nigeria in Q3 2023 

February 25, 2024
NBS says Nigeria’s labour force survey report will be launched in Q2 2023
Health

NBS Report: Road accidents surge by 24.23% in Q4 2023, commercial vehicles most affected 

February 23, 2024
Inflation, Nigeria
Breaking News

Nigeria’s inflation rate jumps to 24.08% in July 2023 as subsidy removal bites hard 

August 15, 2023
Price of Beef rose by 28.75% in one year – NBS
Agriculture

Food inflation: Average price of Beef rises by 25.05% in one year – NBS

May 3, 2023
Nigerians are now paying twice the cost of Kerosene within a year
Energy

Nigerians are now paying twice the cost of Kerosene within a year

April 24, 2023
Delta State secures large chunk of oil revenue
Economy

Delta State secures large chunk of oil revenue

April 23, 2023
Next Post
CBN auctions first ever Naira to Yuan currency sale

Stanbic IBTC's customers, stakeholders sensitised on Naira-Yuan exchange

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics