Nigeria's Inflation Rate Declines By 0.18 Percent

Nigeria’s inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics.

The NBS said in its Consumer Price Index report for June that this showed 0.18 per cent fall in the inflation rate.

Part of the report read, “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 per cent (year-on-year) in June 2021.

“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 rise than it did in May 2021).”

Increases were recorded in all Classification of Individual Consumption According to Purpose divisions that yielded the headline index.

On 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 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 per cent recorded in May 2021.

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

On a month-on-month basis, the urban index rose 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 rose 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 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.