Photo collage of foodstuffs in the Nigerian market

NBS announces inflation rate dropped to 17.75 percent June in Nigeria

*The National Bureau of Statistics says on month-on-month basis, the headline index increased by 1.06 percent June 2021 with 0.05 percentage points higher than 1.01 percent rate recorded in the previous month

Isola Moses | ConsumerConnect

Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s inflation rate fell slightly from 17.93 percent May to 17.75 percent June 2021.

The NBS in its Consumer Price Index (CPI) report for last month said this indicated 0.18 percent fall in the inflation rate in the country.

The report stated: “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 percent (year-on-year) June 2021.

“This is 0.18 percentage points lower than the rate recorded May 2021 (17.93) percent. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021).”

It also noted that increases were recorded in all Classification of Individual Consumption According to Purpose divisions that yielded the headline index.

The Bureau stated that 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 May 2021 (1.01 percent).

The percentage change in the average composite CPI for the 12 months period ending June 2021, over the average of the CPI for the previous 12 months period was 15.93 per cent, representing a 0.43 percentage point increase over 15.50 percent recorded May 2021.

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

On a month-on-month basis, the urban index rose by 1.09 percent June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), whereas the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded May 2021 (0.98) percent.

It stated that the corresponding 12-month year-on-year average percentage change for the urban index was 16.51 percent in June 2021.

This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate June 2021 was 15.36 percent compared to 14.94 percent recorded May 2021.

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