Nigeria’s inflation rises to 12.56%, food prices surge


The consumer price index which measures inflation increased by 12.56 per cent (year-on-year) in June, the National Bureau of Statistics disclosed this in its June CPI and inflation report on Friday.



“This is 0.16 per cent points higher than the rate recorded in May 2020 (12.40 per cent),” it stated.



Increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.



On month-on-month basis, the headline index increased by 1.21 per cent in June.



This was 0.04 per cent rate higher than the rate recorded in May 2020 (1.17 per cent).



The percentage change in the average composite CPI for the 12-month period ending June 2020, over the average of the CPI for the previous 12-month period was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 per cent recorded in May 2020.



On a month-on-month basis, the urban index rose by 1.23 per cent in June 2020, up by 0.05 from 1.18 per cent recorded in May 2020, while the rural index also rose by 1.19 per cent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) per cent.



The corresponding 12-month year-on-year average percentage change for the urban index was 12.50 per cent in June 2020.



This was higher than 12.36 per cent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.



The urban inflation rate increased by 13.18 per cent (year-on-year) in June 2020 from 13.03 per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.



The composite food index rose by 15.18 per cent in June 2020 compared to 15.04 per cent 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.



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



The average annual rate of change of the food sub-index for the 12-month period ending June 2020 over the previous 12-month average was 14.46 per cent, representing a 0.13 per cent points increase from the average annual rate of change recorded in May 2020 (14.33 per cent).
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