SAN FRANCISCO, August 28, (THEWILL) – For the sixth consecutive time since January this year, the Consumer Price Index, CPI, which measures the rate of inflation in the country, has recorded a marginal decline from 16.1 per cent in June to 16.05 per cent in the month of July.
The National Bureau of Statistics, NBS, in a report published on Monday, stated that, “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.”
The NBS report also showed that the average price paid by consumers for premium motor spirit (petrol) increased by 0.3 per cent year-on-year and decreased by -1.4 per cent month-on-month to N148.2 in July 2017 from N150.3 in June 2017.
In terms of the price of premium motor spirit, otherwise known as petrol, PMS, Yobe (N170), Borno (N160.50) and Adamawa (160) topped the list of states with the highest average price, while states with the lowest average price of PMS were listed as: Bauchi (N145.4), Lagos (N145.3) and Abuja, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Ekiti, Kaduna, Kano, Katsina, Kebbi, Ogun, Ondo, Osun & Sokoto (N145.0) respectively.
The report also showed that selected food price watch data for July 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 33.09 per cent and decreased month-on-month by 3.14 per cent to N498.50 in July 2017 from N514.66 in June 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 31.16 per cent and decreased month-on-month by 2.12% to N42.90 in July 2017 from N47.47 in June 2017.
Similarly, the average price of 1kg of tomato increased year-on-year by 15.65 per cent and month-on-month by 5.10 per cent to N394.13 in July 2017 from N375.00 in June 2017.
The NBS report shows average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.46 per cent month-on-month and 7.49 per cent year-on-year to N2,226.21 in July 2017 from N2,215.96 in June 2017.
With Bauchi (N2,400.00), Taraba (N2,376.34) and Adamawa (2,375.00) topping the list of states with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas), while states with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Kogi (N2,100.98), Ekiti (N2,075.00) and Delta N1,771.43).
The report showed that the average price per litre paid by consumers for National Household Kerosene decreased by 2.36 per cent month-on month and by 9.60 per cent year-on-year to N280.49 in July 2017 from N287.27 in June 2017.
With Taraba (N352.56), Imo (N339.29) and Bayelsa (332.14) topping the list of states with the highest average price per litre of kerosene, while the states with the lowest average price per litre of kerosene were Kano (N244.87), Sokoto (N195.24) and Oyo (N248.04).
The transport fare watch report for July 2017 covers the following categories namely bus journey within the city per drop constant route, bus journey intercity, state route, charge per person, air fare charge for specified routes single journey, journey by motorcycle (okada) per drop; and water way passenger transport.
Average fare paid by commuters for bus journey within the city increased by 2.69 per cent month-on-month and by 53.81 per cent year-on-year to N134.95 in July 2017 from N131.42 in June 2017.
It revealed that the average price paid by consumers for automotive gas oil (diesel) decreased by 6.08 per cent month-on-month and 4.32 per cent year-on-year to N197.62 in July 2017 from N210.42 in June 2017.
The report also revealed that Adamawa (N230) Taraba (N228.57) and Sokoto (N222.86) were the states with the highest average price of diesel, while states with the lowest average price of diesel were Oyo (N168.67), Delta (N180.00) and Ogun (N180.08).
