Nigeria’s Inflation Drops to 11.22% in June—NBS

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) on Monday released the inflation data for Nigeria for the month of June 2019.

In its report, the stats office said the Consumer Price Index (CPI), which measures inflation, went down by 0.18 percent to 11.22 percent year-on-year in June 2019 from 11.40 percent recorded in May 2019.

According to the data, increases were recorded in all COICOP divisions that yielded the headline index.

It said on month-on-month basis, the headline index increased by 1.07 percent in June 2019, 0.04 percent rate lower than the rate recorded in May 2019, which was 1.11 percent.

The percentage change in the average composite CPI for the 12 months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.

In addition, the urban inflation rate increased by 11.61 percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019, which stood at 1.07 percent.

The NBS said the corresponding 12-month year-on-year average percentage change for the urban index was 11.65 percent in June 2019, less than 11.66 percent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 percent compared to 10.98 percent recorded in May 2019.

The stats office further said in its report that the composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.

It attributed this rise in the food index to increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers, fish, vegetables and fruits.

On month-on-month basis, the food sub-index increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019.

The average annual rate of change of the Food sub-index for the 12-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019, which was at 13.37 percent.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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