Inflation rate drops to 16.05% for sixth successive time

The National Bureau of Statistics has released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

The Bureau in the report on Monday, said this is the sixth consecutive time that the index would be dropping since January this year.

It 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.”