Nigerian Inflation drops to 11.22%

Inflation dropped to 11.22 per cent last month, compared to 11.40 per cent in May, according to reports by the National Bureau of Statistics (NBS).

A separate food price index showed inflation at 13.56 per cent in June, compared to 13.79 per cent the previous month.

The NBS report put the Consumer Price Index (CPI) which measured inflation for June at 0.18 per cent points lower than the rate recorded in May (11.40) per cent.

The urban inflation rate increased by 11.61 per 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.

On a month-on-month basis, the urban index rose by 1.10 per cent in June 2019, up by 0.05 from 1.15 per cent recorded in May 2019, while the rural index also rose by 1.05 per cent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) per cent.

The “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 8.8 per cent in June, down by 0.2 per cent when compared with nine per cent recorded in the previous month.

Last month, all items inflation on year on year basis 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 (9.01 per cent ) and Bayelsa (8.56 per cent) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, June 2019 all items inflation was highest in River (2.28 per cent), Lagos (1.72 per cent) and Cross River (1.57 per cent), while Bayelsa (0.42 per cent), Kaduna (0.37 per cent) and sokoto (0.31 per cent) recorded the slowest rise.

In June, food inflation on a year on year basis was highest in Kaduna (17.50 per cent), Kebbi (16.96 per cent) and Ondo (16.44 per cent), while Abia (10.84 per cent), Bayelsa (9.97 per cent) and Kogi (9.81 per cent) recorded the slowest rise.

However, last month’s food inflation was highest in Kogi (3.20 per cent), Rivers (2.96 per cent) and Osun (2.58 per cent), while Anambra (0.47 per cent), Yobe (0.33 per cent) and Kaduna (0.26 per cent) recorded the slowest rise.

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