Nigeria’s Headline Inflation Rate Declines to 22.22%
Nigeria’s headline inflation rate declined to 22.22%, the latest data released on Wednesday by the National Bureau of Statistics (NBS) revealed. This marked the third consecutive disinflation following the consumer price index rebasing exercise.
Headline inflation eased by 75 basis points (bps) to 22.22% year on year in June from 22.97% in the preceding month. On a month-on-month basis, consumer prices increased to 1.68% from 1.53% in May.
Food inflation increased by 83 bps to 21.97% in June from 21.14%. On a month-on-month basis, food inflation rose by 107 bps to 3.25% versus 2.19% in May.
The surge was attributed to the rate of increase in the average prices of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc.
Similarly, core inflation -all items excluding farm produce and energy- edged higher by 48bps to 22.76% year on year in June from 22.28% in the preceding month.
On a month-on-month basis, the core index increased sharply by 136bps to 2.46% from 1.10% in May. # Nigeria’s Headline Inflation Rate Declines to 22.22%. #Nigeria’s Headline Inflation Rate Declines to 22.22%#
