The Nigeria Inflation rate measured by the consumer price index, drops to 11.22 (Year on Year-YoY) percent in June 2019 according to the latest report released by the National Bureau of Statistics (NBS). The June figure dropped by 0.18% compared to 11.40 percent in May 2019.
On month-on-month basis, the headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.
The 12 months percentage change in the average composite CPI for the period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.
The composite food index which measures food inflation reduced to 13.56 percent in June 2019 compared to 13.79 percent in May 2019.
According to the NBS report, this rise 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.
On month-on-month basis, the food inflation increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019.
Nigeria Inflation rate for food or Food inflation for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019 (13.37) percent.
For Core Inflation, which measures ‘All items less farm produce’ which excludes the prices of volatile agricultural produce stood at 8.8 percent in June 2019, down by 0.2 percent when compared with 9.0 percent recorded in May 2019.
On month-on-month, core inflation increased by 0.85 percent in June 2019. This was up by 0.10 percent when compared with 0.75 percent recorded in May 2019.
The highest increases were recorded in prices of Medical and hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear, Repair of household appliances, Actual and imputed rentals for housing, Major household appliances whether electronic or not and Tobacco.
The average 12-month annual rate of change of the index was 9.64 percent for the twelve-month period ending June 2019; this is 0.13 percent points lower than 9.77 percent recorded in May 2019.
The NBS report also revealed that Bauchi, Kebbi and Kaduna have the highest YoY Inflation growth while Delta, Kwara and Bayelsa had the slowest YOY growth in Inflation as at June 2019.
On a month on month basis, Rivers, Lagos and Cross Rivers had the highest growth while Bayelsa, Kaduna and Sokoto had the slowest Inflation growth MoM.