Food Inflation hits 21.83%
Nigeria’s inflation rate dropped further in the month of June 2021 to 17.75 percent from 17.93 percent recorded in the previous month (May 2021).
This is according to the latest consumer price index report, released by the National Bureau of Statistics (NBS).
Increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent).
The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point increase over 15.50 percent recorded in May 2021.
The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021.
On a month-on-month basis, the urban index rose by 1.09 percent in June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), while the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) percent.
According to the report, the food inflation stood at 21.83 percent in June 2021 compared to 22.28 percent in May 2021 while core inflation which excludes the prices of volatile agricultural produce dropped from 13.15 percent recorded in May 2021 to 13.09 percent in the review period.