Home Business Nigeria’s Inflation Hits 16.5% in June, Says NBS

Nigeria’s Inflation Hits 16.5% in June, Says NBS

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The National Bureau of Statistics said on Monday that the Consumer Price Index increased to 16.5 per cent in June from 15.6 per cent in May.

A report released by the NBS in Abuja said the CPI, which measured inflation, recorded a relatively strong increase for the fifth consecutive month.

The report said the Headline Index increased to 16.5 per cent, which was 0.9 per cent points higher from rates recorded in May (15.6 per cent).

It said while most factors, which contributed to the Headline index increased at a faster pace, the increase was, however, weighed upon by a slower increase in three divisions.

The three division, it said, were Recreation and Culture, Restaurant and Hotels and Miscellaneous Goods and Services.
It said: “Year on year, energy prices, imported items and related products continue to be persistent drivers of the Core sub-index.
“The Core index increased by 16.2 per cent in June, up by approximately 1.2 per cent points from rates recorded in May (15.1 per cent).

“During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Furniture, Passenger Transport by Road, and Fuels and Lubricants for Personal Transport Equipment.

“While imported foods continue to increase at a faster pace, the Food sub index on the aggregate increased, albeit at a slower pace in June relative to May.”

In addition, the report said the index increased by 15.3 per cent (year-on-year) in June up by 0.4 per cent points from rates recorded in May.

It said the index was weighted upon by a slower increase in the Vegetables and “Sugar, jam, honey, chocolate and confectionery” groups.

It added: “Month-on-month, the Headline index has moved in a sideways fashion since February, the first month of a pronounced increase in rates this year.

“Specifically in June, the index increased by 1.7 per cent, lower by roughly 100 basis points from rates recorded in May.”

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