NBS puts Nigeria’s inflation rate downward 17.75 per cent

Story from Kenneth AFOR, Lagos

The National Bureau of Statistics (NBS) in its Consumer Price Index Report for June indicated that prices for goods and services continued to rise in June 2021, but at a slightly slower pace than what was witnessed in May 2021.

According to the report, the country’s Headline Index, on a month-on-month basis, moved by 1.06% in June 2021. This figure was 0.05 percentage points higher than what was recorded in May 2021 – pegged at 1.01%.

The report read: “The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

“The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.”

The urban inflation rate declined by 18.35 per cent (year-on-year) in June 2021 from May’s 18.51 per cent.

On the other hand, the rural inflation rate followed suit at 17.16 per cent in June 2021 from 17.36 per cent in May 2021.

The NBS report equally noted that the composite food index increased by 21.83 pere in June 2021 as against 22.28 per cent reported in May 2021.

The rise in the food index was driven by increases in prices of bread and cereals, Potatoes, yam and other tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats and Meat.

On a month-on-month basis, the food sub-index increased by 1.11 per cent in June 2021, up by 0.06 per cent points from 1.05 per cent recorded in May 2021.

The report added: “In June 2021, food inflation on a year on year basis was highest in Kogi (30.34%), Enugu (25.18%) and Kwara (24.78%), while Bauchi (18.97%), River (18.92%) and Abuja (17.09%) recorded the slowest rise in year on year inflation.

“On month on month basis, however, June 2021 food inflation was highest in Jigawa (2.67%), Edo (2.43) and Cross River (2.16%), while Lagos (0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in food inflation.”