-->

Nigeria’s Inflation Rate Drops To 11.22% In June 2019

The consumer price index, (CPI) which measures Nigeria’s inflation increased by 11.22 per cent (year-on-year) in June 2019.

This is 0.18 per cent points lower than the 11.40 per cent rate recorded in May 2019.

The National Bureau of Statistics (NBS) made this known in its June inflation report released on Monday.

According to the NBS, on month-on-month basis, the Headline index increased by 1.07 percent in June 2019, representing 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.

The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 per cent, similar to the 11.29 percent recorded in May 2019, the report showed.

It said the composite food index stood at 13.56 per cent in June 2019 compared to 13.79 per cent in May 2019.

“This 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,” the statistics office noted.

Also, the urban inflation rate increased by 11.61per cent (year-on-year) in June 2019 from 11.76 per cent recorded in May 2019, while the rural inflation rate increased by 10.87 per cent in June 2019 from 11.08 per cent in May 2019.

(Nigerian Tribune)

No comments:

Post a Comment