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Inflation rises for 10th consecutive month in June at 12.56%

By Obas Esiedesa

Nigeria’s Consumer Price Index (which measures inflation) rose for the tenth straight month to 12.56 percent (year on year) in June driven by hike in food prices and rise in healthcare cost, data from the National Bureau of Statistics (NBS) has shown.

The NBS data released on Friday also indicated that the 12.56 percent is 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

According to the NBS, “On month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

“The percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020”.

A separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.18% from 15.04% in May

The rise in food index was led by increases in the price of bread and cereals, fish, potatoes, yam and other tubers, meat, vegetables, oil and fats, and fruits.

In the urban areas, inflation rose by 13.18 percent year-on-year and 1.23 percent month-on-month; and in the rural areas, it rose by 11.99 percent year-on-year and 1.19 percent month-on-month.

Amongst the states, inflation rose highest in Bauchi with 15.02 percent followed by Sokoto and Ebonyi with 14.88 percent and 14.60 percent respectively.

It was lowest in Cross River with 10.95 percent followed by Lagos and Kwara with 10.78 percent and 10.03 percent respectively.

Written by ExpressDay

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