Nigeria's inflation drops to 11.14% in July - NBS

Nigeria's inflation drops to 11.14% in July - NBS

Nigeria's inflation drops to 11.14% in July - NBS

On month-on-month basis, the headline index increased by 1.13 per cent in July 2018, down by 0.11 per cent points from 1.24 per cent recorded in June 2018; representing the first month on month headline inflation decline since February 2018.

"Years of steady house price hikes have created huge affordability issues for first-time buyers, so the fact that annual house price growth has fallen to its lowest point in five years will be a welcome change for many", he said.

This slowdown in United Kingdom house price growth over the past two years is driven mainly by a slowdown in the south and east of England, the ONS said. The IMF had lowered its growth projection for India last month by 10bps to 7.3%, citing higher oil prices and speedier interest rate increases by the RBI because of higher-than-expected inflation.

Retail inflation fell to a nine-month low of 4.17 percent in July on account of a slowdown in the prices of vegetables and fruits, said government data released on Monday.

The price of a typical United Kingdom house is now around £228,400, a £1,000 increase on the previous month.

The average United Kingdom house price in June was £228,000.

Regionally, London properties continue to cost significantly more than other parts of the country despite a 1% dip in the average property; 2018 prices in January were £479,468 and are now at the bargain average of £476,752.

The lowest average price continued to be in the North East at GBP 127,000, the ONS said. Average UK property values increased by 3% compared to a year earlier, down from 3.5% in May. In addition, the recent base rate rise should not adversely impact the outlook for house prices.

The latest inflation figures come just 24 hours after the ONS showed that unemployment in the United Kingdom has fallen to just 4%, a low not witnessed since the early 1970s.

He added: "Given the recent weakness of the pound, inflation may remain sticky at around this rate for the next few months, keeping real wage growth to a minimum".

Annual growth in property values in the region stood at 5.8% by June, the Office for National Statistics (ONS) said.

'The big question is what happens to prices when the property market's own version of Quantitative Easing is taken away?'

Scott added: "The number of buyers in the market is flat, while the number of new sellers has increased slightly, so estate agents" stock has also gone up a little.

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

The Retail Prices Index (RPI) fell to 3.2pc, down from 3.4pc in June, and lower than the 3.5pc economists were expecting.

There has been a rise in time taken to complete a property sale from 16 weeks previous year to 18 weeks on average.

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