Home Business Inflation Rate Drops by 0.18% to 11.22% in June- NBS

Inflation Rate Drops by 0.18% to 11.22% in June- NBS

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The National Bureau of Statistics (NBS) has said the nation’s inflation rate dropped by 0.18 per cent to 11.22 per cent in June from 11.40 per cent reported in May.

The bureau had reported 11.37 per cent inflation rate in April from  11.25 per cent in March.

Early in the year, January to be specific, the NBS said the nation’s inflation rate was 11.37 per cent but dropped to 11.31 per cent in February 2019.

However, the bureau  in its Consumer Price Index, (CPI) report on Monday said, “Increases were recorded in all COICOP divisions that yielded the Headline index.

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

“The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 per cent, similar to the 11.29 per cent recorded in May 2019.

“The urban inflation rate increased by 11.61per cent (year-on-year) in June 2019 from 11.76 per cent recorded in May 2019, while the rural inflation rate increased by 10.87 per cent in June 2019 from 11.08 per cent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 per cent in June 2019, up by 0.05 from 1.15 per cent recorded in May 2019, while the rural index also rose by 1.05 per cent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 11.65 per cent in June 2019. This is less than 11.66 per cent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 per cent compared to 10.98 per cent recorded in May 2019.”

The report on food index noted that “The composite food index stood at 13.56 per cent in June 2019 compared to 13.79 per cent in May 2019.

“This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits. On month-on-month basis, the food sub-index increased by 1.36 per cent in June 2019, down by 0.05 per cent points from 1.41 per cent 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 per cent, 0.05 per cent points higher from the average annual rate of change recorded in May 2019 (13.37) per cent.”

The report stated that Bauchi  with 15.40 per cent followed by Kebbi, 14.73 per cent and Kaduna, 13.91per cent have the highest all items inflation on year on year basis in June while Delta, 9.46 per cent; Kwara, 9.01per cent and Bayelsa, 8.56per cent recorded the slowest rise in headline Year on Year inflation.

“On month on month basis however, June 2019 all items inflation was highest in River (2.28per cent), Lagos (1.72per cent) and Cross River (1.57per cent), while Bayelsa (0.42per cent), Kaduna (0.37per cent) and Sokoto (0.31per cent) recorded the slowest rise,” the report by NBS said.

According to the report, “In June 2019, food inflation on a year on year basis was highest in Kaduna (17.50per cent), Kebbi (16.96per cent) and Ondo (16.44per cent), while Abia (10.84per cent), Bayelsa (9.97per cent) and Kogi (9.81per cent) recorded the slowest rise.

“On month on month basis however, June 2019 food inflation was highest in Kogi (3.20per cent),River (2.96per cent) and Osun (2.58per cent), while Anambra (0.47per cent) , Yobe (0.33per cent) and Kaduna (0.26per cent) recorded the slowest rise,” the report added.

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