But the National Bureau of Statistics (NBS), which has the responsibility to declare the official inflation rate, said prices started decelerating in April. The data said the headline inflation increased by 1.06 per cent month-on-month in June, as against 1.01 per cent recorded the preceding month. The urban inflation rate increased by 18.35 per cent (year-on-year) in June from 18.51 per cent recorded in May, while the rural inflation rate increased by 17.16 per cent in June from 17.36 per cent in 2021,” the report stated. xDr Muda Yusuf, outgoing Director-General of LCCI, said three principal drivers of inflation included cost-push factor, supply chain disruptions, and monetisation of fiscal deficit or inflation tax. “High inflation hurts investment, it is injurious to the welfare of the people and detrimental to the economy.

Source: The Guardian July 19, 2021 03:56 UTC