How does this affect us? Nigeria's inflation drops to 11.14% in July — NBS

The Consumer Price Index (CPI), which measured inflation continued on downward trend in July by dropping to 11.14 per cent (year-on-year) from 11. 23 per cent recorded in the previous month. Inflation rate in Nigeria The National Bureau of Statistics (NBS), announced this in its CPI report for July released today (Wednesday) in Abuja.

NBS said the figure is 0.09 per cent points less than the rate recorded in June, indicating 18 consecutive reductions in inflation rate since the last 18 months. It was also revealed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index. The report shows that the Headline Index increased by 1.13 per cent in July, down by 0.11per cent points from the rate recorded in June On a month-on-month basis

However, it noted that the drop was the first month-on-month headline inflation decline since Feb. 2018, stating that the percentage changed in the average composite CPI for 12 months period ended July over the average of CPI for the previous 12 months period.

Source - Vanguard Newspaper TUNDE OLATUNJI In my opinion, I cannot wait to see this inflation rate drops to a single digital, which as expected should have an impact on interest rate banks in Nigeria give loans or housing mortgages but majority of these banks including their CBN do not look at neither consider this changes in inflation. This also means that the unemployment rate in the country is dropping as more people are finding job, more jobs are being created by both new/old small and big companies resulting in people having cash or money to spend on commodities, which as expected would reduce some prices on these commodities and make more cheaper and affordable for the masses to buy. PLEASE FEEL FREE TO ADD YOUR COMMENTS