Nigeria’s Inflation rate slides downward to 17.75% in June – NBS

*As food inflation dips to 21.83%

Nigeria's Inflation rate slides downward to 17.75% in June - NBS

The inflation rate in Nigeria in the month of June 2021, slides downward to 17.75% from 17.93 recorded in May, the National Bureau of Statistics, NBS, has said

This came even as food inflation rate came down to 21.83% from 22.28% within the same period.

According to NBS ‘Consumer Price Index (CPI) Report for June’ released Friday, the CPI report indicates that prices have continued to increase in June 2021 but at a slower rate than the previous month.

CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

NBS stated: “The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

The CPI report stated: “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).

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“The percentage change in the average composite CP! for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point Increase over 15.50 percent recorded in May 2021.

“The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.54 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2024.”

The report further said: “On a month-on-month basis, the urban Index rose by 1.09 percent In June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), while the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 16.54 percent In June 2021. This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate in June 2024 was 15.96 percent compared to 14.94 percent recorded in May 2021.”

The NBS report equally noted that the composite food index increased by 21.83 % in June 2021. This is against the 22.28% reported in May 2021.

The implication is that prices of food rose in June but at a little slower pace than what was recorded in May 2021.

Increases in prices of bread, cereals, yam, and others, drove the food price index.

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