Nigeria: Inflation rate drops to 11.22 percent in June

Nigeria’s inflation eased sharply lower in June to 11.22 percent year on year, a 0.18 percent points decrease than 11.40 percent posted in May.

According to the latest data released by the National Bureau of Statistics (NBS) on Tuesday revealed that the headline index fell to 1.07 percent on a month-on-month basis, indicating a decline of 0.04 percent points from the rate recorded in May.

“The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019. This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

“On a month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.”

Also, the urban inflation rate fell to 11.61 percent year-on-year in the month under review, while the rural inflation rate eased to 10.87 percent from 11.08 percent.

“The urban inflation rate increased by 11.61percent (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 (1.07) percent.”

The composite food index stood at 13.56 percent in June, compared to the previous months 13.79 percent as increases were recorded in prices of bread and cereals, meat, fish, vegetables and fruits among others.

“The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.”

This rise, according to the report, was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

“On a 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 twelve-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 (13.37) percent.”