Nigeria’s Inflation Rate for June Spikes to 12.56%
Dr. Yemi Kale - NBS DG

Nigeria’s Inflation Rate for June Spikes to 12.56%

Nigeria’s inflation rate for June rises to 12.56%, the National Bureau of Statistics, NBS, has revealed in its June report.

NBS data shows that the consumer price index, (CPI) which measures inflation increased by 12.56% in June 2020.

This is 0.16% points higher than the rate recorded in May 2020, making this 11th consecutive monthly rise.

Meanwhile, NBS stated that increases were recorded in all COICOP divisions that yielded the Headline index.

Nigeria’s Inflation Rate for June Spikes to 12.56%
Dr. Yemi Kale – NBS DG

On month-on-month basis, the headline index increased by 1.21%. NBS said this is 0.04% rate higher than 1.17% recorded in May.

The percentage change in the average composite CPI for the twelve months period ending June, over the average of the CPI for the previous twelve months period was 11.90%.

This represents a 0.11% point increase from 11.79% recorded in May 2020.

On a month-on-month basis, the urban index rose by 1.23% , up by 0.05 from 1.18 % recorded in May 2020.

Meanwhile the rural index also rose by 1.19 % , up by 0.03 from 1.16% recorded in May 2020.

Zambia is experiencing debt distress

The corresponding twelve-month average percentage change for the urban index was 12.50% in June 2020.

This is higher than 12.36 % reported in May 2020,

…while the corresponding rural inflation rate was 11.36 % compared to 11.26 % recorded in May 2020.

The urban inflation rate increased by 13.18% in the month from 13.03 % recorded in May 2020.

However, the rural inflation rate increased by 11.99% in June 2020 from 11.83 % in May 2020.

The composite food index rose by 15.18% in June 2020 compared to 15.04 % in May 2020.

This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

The average annual rate of change of the Food sub-index for the twelve-month period ending June over the previous twelve-month average was 14.46%.

This represents a 0.13 % points increase from the average annual rate of change recorded in May 2020 (14.33 %).

On month-on-month basis, the food sub-index increased by 1.48% in June 2020, up by 0.06% points from 1.42% recorded in May 2020.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.13% in June 2020, up by 0.01% when compared with 10.12% recorded in May 2020.

The average 12-month annual rate of change of the index was 9.37 % for the twelve-month period ending June 2020; this is 0.1 % points higher than 9.27 % recorded in May 2020.

The highest increases were recorded in prices of medical services, hospital services; passenger transport by road, Pharmaceutical products and Motor cars.

NBS stated that this also include Paramedical services, Maintenance and repair of personal transport equipment, Bicycles and Motor cycles.

Others are Vehicle spare parts and other services in respect of personal transport equipment.

On month-on-month basis, the core sub-index increased by 0.86 % in June 2020. This was down by 0.02 % when compared with 0.88 % recorded in May 2020.

Nigeria’s Inflation Rate for June Spikes to 12.56%

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here