December 5, 2022

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Nigeria’s inflation figures decline further, down 17.75% in June

Nigeria records 3.4% GDP growth rate in 2021- NBS

The Consumer Price Index (CPI) which measures inflation slowed by 17.75 per cent (year-on-year) in June 2021, according to the latest report by the National Bureau of Statistics (NBS).

NBS disclosed this in its latest ‘Consumer Price Index June 2021’, on its website.

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

According to the report, the corresponding 12-month year-on-year average percentage change for the urban index was 16.51 per cent in June 2021.

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

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

The percentage change in the average composite CPI for the 12 months 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 per cent recorded in May 2021.

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

The report noted that the Composite Food Index rose by 21.83 per cent in June 2021 compared to 22.28 per cent in May 2021.

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

The report noted that the Composite Food Index rose by 21.83 per cent in June 2021 compared to 22.28 per cent 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 average annual rate of change of the Food Sub-Index for the 12-month period ending June 2021 over the previous 12-month average was 19.72 per cent, 0.54 per cent points from the average annual rate of change recorded in May 2021 (19.18 percent).”

“This rise in the food index was caused 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 a month-on-month basis, the food sub-index increased by 1.11 per cent in June 2021, up by 0.06 per cent points from 1.05 per cent recorded in May 2021.”

The report further explained that, in June 2021, all items inflation on year on year basis was highest in Kogi (23.78), Bauchi (20.67%) and Jigawa (19.81%), while Cross River (15.53%), Delta (15.18%) and Abuja (15.15%) recorded the slowest rise in headline Year-on-Year inflation.

On month-on-month basis, however, June 2021 all items inflation was highest in Kano (2.22%), Akwa Ibom (1.98%) and Osun (1.92%), while Bauchi (0.00%) recorded no change in headline month-on-month with Abuja and Cross River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

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.