Nigeria’s inflation has risen for 10 consecutive months
Fuelled by rising food cost and healthcare, Nigeria’s annual inflation rose 12.56 per cent in June 2020, a 0.6 per cent points higher than the May inflation, when the inflation rose by 12.40 per cent.
According to the Consumer Price Index report released by the National Bureau of Statistics, NBS on Friday, the inflation increased by 1.21 per cent in June on a month-on-month basis. This shows a 0.3 per cent rate higher than the recorded in May, a 1.17 per cent increase.
“The percentage change in the average composite CPI for the twelve months period ending June 2020, over
the average of the CPI for the previous twelve months period was 11.90 per cent, representing a 0.11
per cent point increase from 11.79 per cent recorded in May 2020,” the NBS report said.
Meanwhile, urban inflation fuelled the general rise in the price of goods and services in the country. According to the report, on a month-on-month basis, the urban inflation rose by 1.23 per cent in June 2020, up by 0.05 from 1.18 per cent recorded in May 2020, while the rural index also rose by 1.19 per cent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) per cent.
Also, read Nigeria bans maize importers from accessing forex
“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.50 per cent in June 2020. This is higher than 12.36 per cent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.
“The urban inflation rate increased by 13.18 per cent (year-on-year) in June 2020 from 13.03 per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020,” the NBS said in its report.
Meanwhile, a separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.18 per cent from 15.04 per cent in May.
This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other
tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables, the NBS said.
Inflation is expected to continue to rise with the growing cases of coronavirus in Nigeria, which has brought disruptions in business activities, especially logistics, leading to increase in cost of transportation.
Download report here
