Nigeria's Inflation Drops To 11.14%

Ivan Schwartz
August 16, 2018

"The core CPI inflation recorded only a mild decline in July 2018, with an uptick in inflation for miscellaneous items weighing against the correction in the other components", said Aditi Nayar, principal economist at ICRA.

"These figures show that the cost-of-living squeeze is not yet a thing of the past". "Despite the truckers' strike, food inflation eased considerably in July 2018, benefiting from the base effect", she said.

The ONS reported that the rate of consumer price inflation, the most-watched measure, increased from 2.4% in June to 2.5% in July, reversing a trend of gradually declining inflation over the course of 2018. However, a depreciating rupee, which hit an all-time high on Monday at 69.93 against the dollar, and volatile crude oil prices, may lead to considerable uncertainty over inflation.

The average price in Northern Ireland was £133,000, marking an increase of 4.4 per cent over the year.

In Scotland, the average price increased by 4.8 per cent over the year to reach £150,000.

Across the United Kingdom, prices increased on average by 3pc in the.

Screen Shot 2018 08 15
Consumer price inflation marked by the yellow line ticked up

Shaun Church, director at mortgage broker Private Finance said: 'A slight correction in house prices is no bad thing for the United Kingdom property market.

On Tuesday, data showed average earnings, including bonuses, rose an annual 2.4 percent in the three months to June, extending a long run of pay rises below their pre-financial crisis levels. The measure excludes 5% of the highest and lowest price changes.

Estate agent Lee James Pendleton said: 'The most troubling numbers here are easily the growth figures for new builds.

The average price in Northern Ireland now stands at £133,000, an increase of 4.4 per cent over the year. London accounts for around 25 per cent of all United Kingdom flats and maisonette transactions.

Property transaction statistics for June show that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 96,340.

Food inflation in July stood at a provisional 1.37 per cent, compared with 2.91 per cent in the previous month, the Central Statistics Office noted in its statement. The number of house sales is a bit lower than it was at the same time past year.

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