Nigeria: Inflation Drops to 11.22%

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(file photo).

The rate at which prices of goods and services rise declined significantly last month with inflation figures for June dropping to 11.22 per cent, 0.18 percent points lower than the 11.4 per cent recorded in May 2019.

Inflation had dropped to 11.25 percent in March had risen to 11.37 per cent in April and 11.4 in May before the decline last month.

Data released by the National Bureau of Statistics (NBS) showed that increases were recorded in all the 12 Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On month-on-month basis, the headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the 1.11 per cent rate recorded in May 2019.

The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.

The urban inflation rate increased by 11.61 per cent in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.

The corresponding 12 month year-on-year (Y-o-Y) average percentage change for the urban index was 11.65 percent in June 2019. This is less than 11.66 percent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 percent compared to 10.98 percent recorded in May 2019.

The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019. NBS noted that the rise in the food index was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

On month-on-month basis, the food sub-index increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019. The average annual rate of change of the Food sub-index for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019 (13.37) percent.

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