Nigeria’s Inflation Eases 16.10% in June, 0.15% Lower than 16.25% in May

 

 

The Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017. This was 0.15 percent points lower the rate recorded in May (16.25 percent). Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017.

On a month-on-month basis, the Headline index increased by 1.58 percent in June 2017, 0.30 percent points higher lower the rate of 1.88 percent recorded in May 2017.  Month on Month inflation has cumulatively risen by 9.28% since January 2017

The percentage change in the average composite CPI for the twelve-month period ending in May2017 over the average of the CPI for the previous twelve-month period was 17.58 percent, lower from 17.63 percent recorded in May 2017.

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The Food Index increased by 19.91percent (year-on-year) in June 2017, down by 0.64 percent points from the rate recorded in May (19.27 percent) indicating continued pressure in food prices.

Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 percent (year-on-year) in June, down by 0.50 percent points from rate recorded in May (13.00) percent. This represents the 8th straight month of decline in the core index since November 2016

The Urban index rose by 16.15 percent (year-on-year) in June 2017 from 16.34 percent recorded in May, while the Rural index increased by 16.01 percent in June from 16.02 percent in May.

On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 percent recorded in May, while the rural index rose by 1.57 percent in June from 1.92 percent in May.

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.88 percent in June to 18.69 percent in May, while the corresponding rural index also increased from 16.50 percent in May to 16.56 percent in June.

 

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