At 12.56% YoY, Inflation Rate Hits 27-month High

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    The National Bureau of Statistics (NBS) has said Consumer Price Index (CPI) that measures inflation increased by 12.56 per cent in June 2020, translating into 27-month high.

    According to the report by NBS titled “CPI June Report 2020, “The CPI which measures inflation increased by 12.56 percent (year-on-year) in June 2020. This is 0.16 per cent points higher than the rate recorded in May 2020 (12.40) per cent.

    “On month-on-month basis, the Headline index increased by 1.21 per cent in June 2020. This is 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 months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 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.

    “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 percent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) per cent.

    “The corresponding twelve-month year-on-year average percentage change for the urban index was 12.50 per cent in June 2020. This is 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 report stated that, “In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states.

    “Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

    “In June 2020, all items inflation on year on year basis was highest in Bauchi (15.02 per cent), Sokoto (14.88 per cent) and Ebonyi (14.60 per cent), while Cross River (10.95 per cent), Lagos (10.78 per cent) and Kwara (10.03 per cent) recorded the slowest rise in headline Year on Year inflation.

    “On a month on month basis, however, all items inflation was highest in Bauchi (1.95 per cent), Sokoto (1.89 per cent) and Kogi (1.83 per cent), while Delta (0.56 per cent), Borno and Kwara (0.45 per cent) and Ekiti (0.40%) recorded the slowest rise in headline month on month inflation.

    “In June 2020, food inflation on a year on year basis was highest in Sokoto (17.88 per cent), Plateau (17.04 per cent) and Abuja (16.82 per cent), while Lagos (13.46%), Ogun  (13.18 per cent) and Bauchi (12.86 per cent) recorded the slowest rise.

    “On month on month basis however, June 2020 food inflation was highest in Kogi (3.07 per cent), Benue (2.41 per cent) and Zamfara (2.24 per cent), while Ondo (0.47 per cent), Anambra (0.42 per cent) and Lagos (0.18 per cent) recorded the slowest rise.”

     

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