Inflation rate drops to 11.22% in June

The National Bureau of Statistics on Monday released the consumer price index, which measures inflation with the index dropping year on year from 11.40 per cent in May to 11.22 per cent in June.

The bureau in the report said the June inflation rate of 11.22 per cent represented a decrease of 0.18 percentage points over the rate recorded in May.

On a month-on-month basis, it said the index increased by 1.07 per cent in June, noting that this was 0.04 per cent rate lower than the 1.11 per cent recorded in May.

The report reads in part, “The Consumer Price Index which measures inflation increased by 11.22 percent year-on-year in June.

“This is 0.18 per cent points lower than the 11.4 per cent rate recorded in May. The report stated that urban inflation  rate  increased  by  11.61 per cent  year-on-year in  June from  the 11.76  per cent recorded  in  May. On the other hand, the NBS report stated that  rural  inflation  rate  increased  by  10.87  per cent  in  June   from  11.08 per cent in May.”

On  a  month-on-month  basis,  it said urban  index  rose  by  1.10  per cent  in  June,  up  by  0.05  from  1.15 per cent recorded in May, while the rural index also dropped to 1.05 per cent in June from the 1.07 per cent recorded in May.

In terms of food index, the composite food index stood at 13.56 per cent in June compared to 13.79 per cent in May. It said 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.

In terms of state profile, the report said that inflation rate was highest in Bauchi  (15.40 per cent),  Kebbi  (14.73 per cent)  and Kaduna  (13.91 per cent),  while  Delta  (9.46 per cent),    Kwara  (nine per cent)  and  Bayelsa  (8.56 per cent)  recorded  the  slowest  rise  in headline year on year inflation.

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