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Nigeria’s inflation rate drops to 11.22% in June

The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019.

This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

This was contained in a report released on Monday by the National Bureau of Statistics.

The Bureau noted that Year-on-Year, YoY, food inflation rate dropped by 0.23 basis points to 11.56 percent in June from 11.8 percent in May.

It stated, “The consumer price index, (CPI) which measures inflation, increased by 11.22 percent (year-on-year) in June 2019.

“This is 0.18 percent points lower than the rate recorded in May 2019 (11.4 percent). Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions that yielded the headline index.”

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On food inflation, it added, “The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.

The decline 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 June 2019, food inflation on a YoY basis was highest in Kaduna (17.50 percent), Kebbi (16.96 percent) and Ondo (16.44 percent ), while Abia (10.84 percent), Bayelsa (9.97 percent) and Kogi (9.81 percent) recorded the slowest rise.

On month on month basis however, June 2019 food inflation was highest in Kogi (3.20 percent),River (2.96 percent) and Osun (2.58 percent), while Anambra (0.47 percent) , Yobe (0.33 percent) and Kaduna (0.26 percent) recorded the slowest rise.

By Babatunde Alao…

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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