Inflation for June 2019, decline to 11.22%
The consumer Price Index for the month of June 2019, decline to 11.22% from 11.40% recorded for the month of May, 2019, this represent a 1.58% decline, also the Food Index for the month also decline by 1.67% from 13.79% recorded in the previous month of May, 2019 to 13.56% for the current month, this was possible given the slower pace of increase in prices of consumer goods for the current period. The Core inflation index for June, stood at 8.8% as against 9.0% recorded in the previous month of May, 2019. Inflation index according to state profile, the highest inflation index was recorded in Bauchi state at 15.40% followed by Kebbi State at 14.73% on a Year on Year Basis, while food inflation according to state profile was highest in Kaduna State at 17.50% and Kebbi State at 16.96%. In our view the tendency for higher Consumer Price Index still persist, given the yet to be implemented minimum wage and also an increase in exchange rate for customs duty on imported goods, especially imported foods . Which all leaves the economy to be positively posed for an inflationary pressure.
U.S. manufacturing output inched higher in June
The US manufacturing Output appreciated for the month of June, which is the second straight month of increase recorded, a fit that was attributed to 2.9% increase in Motor Vehicles and parts production. The production index rose to 0.4% in June, 2019 from 0.2% recorded in May, 2019. Also Capacity utilization in the sector appreciated marginally to 75.9% in the month of June as against 75.6% recorded in the Month of May, 2019. READ MORE