Nigeria's Inflation Drops to 16.10% in June 2017

Nigeria's Inflation Drops to 16.10% in June 2017

Recreational and cultural goods, which includes computer games, was also driving overall prices lower after dropping by 0.1% on the month following a rise of 0.6% over the same period past year.

According to the stat office, on a month-on-month basis, the headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded in May 2017.

Statistics NZ reported the consumer price index didn't increase at all in the three months to June, bringing the annual inflation rate down from 2.2 per cent to 1.7 per cent.

Sterling hit 1.310 against the U.S. dollar and was flat against the euro at 1.136 ahead of the latest cost of living data.

Output prices rose at their slowest rate since December of previous year, up 3.3 percent, in line with the Reuters poll.

The month-on-month Food and Non Alcoholic Beverages inflation rate stood at -0,45 percent in June 2017, shedding 0,52 percent on the May 2017 rate of 0,07 percent.

The data weakens arguments for an immediate interest-rate hike that a minority of policy makers supported at the last BOE decision as inflation looked set veer further above the 2 percent target. "However, the rate remains higher than in the recent past", ONS Deputy National Statistician Jonanthan Athow said in a statement.

Today's data will likely add to that view and quell any expectations that the central bank might soon join others - like the Bank of Canada - that have lifted or are expected to lift rates soon. Domestic airfares were down 14.5 percent on the quarter while worldwide air transport rose 3.7 percent. While the economy has held up better than many expected in the wake of the Brexit referendum, growth slowed to 0.2 percent in the first quarter of the year. Prices for new housing rose 1.8 percent in the June quarter for an annual increase of 6.4 percent. In May the bank said prices would grow by 0.3% in the second quarter.

The fall was far bigger than economists had expected, pushing down the value of sterling against the United States dollar to $1.303 at the time of writing, undoing the gains of the past two sessions.

The tradables consumers price index, which includes goods and services that compete with global rivals, fell 0.2 percent in the quarter but rose 0.9 percent on the year. Household energy, which includes electricity, gas and solid fuels rose 1.5 percent on the quarter and 1.8 percent on the year.

StatsNZ said that tradable prices - those impacted by global markets - rose by 0.9% over the year, overshadowed by a 2.4% lift in non-tradable (domestic influenced) prices over the same period.

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