Home POLICY BUSINESS & FINANCE Nigeria’s Inflation Slows Further To 17.75% In June

Nigeria’s Inflation Slows Further To 17.75% In June

10
0

Nigeria’s inflation rate dropped further in the month of June 2021 to 17.75% from 17.93% recorded in the previous month (May 2021). This represents the third consecutive decline in headline inflation.

This is according to the latest consumer price index report, released by the National Bureau of Statistics (NBS).

In the report, the food inflation stood at 21.83% in June 2021 compared to 22.28% in May 2021 while core inflation which excludes the prices of volatile agricultural produce dropped from 13.15% recorded in May 2021 to 13.09% in the review period.

This implies that prices continued to rise in June 2021 — but at a slightly slower rise than it did in May 2021.

On month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent).

The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36
percent in May 2021.

The composite food index rose by 21.83 percent in June 2021 compared to 22.28 percent in May 2021.

This implies that food prices continued to rise in June 2021 — but at a slightly slower speed than it did in May 2021.

The rise in the food index was driven by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats and Meat.

On month-on-month basis, the food sub-index increased by 1.11 percent in June 2021, up by 0.06 percent
points from 1.05 percent recorded in May 2021.

“In June 2021, food inflation on a year on year basis was highest in Kogi (30.34%), Enugu (25.18%) and
Kwara (24.78%), while Bauchi (18.97%), River (18.92%) and Abuja (17.09%) recorded the slowest rise in
year on year inflation,” the report said

“On month on month basis however, June 2021 food inflation was highest in Jigawa (2.67%), Edo (2.43) and
Cross River (2.16%), while Lagos (0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in
food inflation.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here