In June, Inflation Rate Drops To 11.22%

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.