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Wednesday, July 28, 2021
Home Business Finance Inflation reduces by 0.18% in June – NBS

Inflation reduces by 0.18% in June – NBS

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The National Bureau of Statistics (NBS) says the inflation rate reduced by 0.18 per cent to 17.75 per cent in June from the 17.93 per cent recorded in May.

The NBS stated this in its “Consumer Price Index (CPI), June 2021” report released on Friday in Abuja.

It said CPI, which measures inflation, increased by 17.75 per cent (year-on-year) in June, adding that prices continued to rise in June, but at a slightly slower rate than May.

“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the headline index increased by 1.06 per cent in June.

“This is 0.05 per cent higher than the rate recorded in May (1.01 percent),” said the bureau.

It added that the percentage change in the average composite CPI for the 12 months period ending June over the average of the CPI for the previous 12 months period was 15.93 per cent.

This, it said, represented 0.43 per cent point increase over 15.50 per cent recorded in May.

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

It said on a month-on-month basis, the urban index rose by 1.09 per cent in June, up by 0.05 points compared to the rate recorded in May.

However, rural index rose by 1.02 per cent in June, up by 0.04 percentage points over the rate recorded in May (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. This is higher than 16.09 per cent reported in May, while the corresponding rural inflation rate in June was 15.36 per cent compared to 14.94 per cent recorded in May,” NBS stated.

It said composite food index rose by 21.83 per cent in June compared to 22.28 per cent in May.

Accordingly, it implied that food prices continued to rise in June, but at a slightly slower speed than May.

It added that the 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.

However, on month-on-month basis, the food sub-index increased by 1.11 per cent in June, up by 0.06 per cent points from 1.05 per cent recorded in May.

The bureau said, “All items less farm produce” or core inflation, which excluded the prices of volatile agricultural produce stood at 13.09 per cent in June, down by 0.06 per cent compared with 13.15 per cent recorded in May.

 

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