Nigeria’s Consumer Price Index (CPI), which measures inflation, increased by 11.23 percent year-on-year in June this year, indicating a 0.37 percent points less than the 11.61 percent rate recorded in the preceding month.
The rate represented the 17th consecutive disinflation since January 2017.
The CPI report published today by the National Bureau of Statistics (NBS) indicated that increases were recorded in all COICOP divisions that yielded the headline index.
According to the Bureau, on a month-on-month basis, the headline index increased by 1.24 percent in June, up by 0.15 percent points from the rate recorded in May 2018.
The official statistics producing and reporting agency stated further that the percentage change in the average composite CPI for the twelve months period ended June 2018 over the average of the CPI for the previous twelve months period was 14.37 percent, representing 0.42 percent point lower from 14.79 percent recorded in May this year.
On the urban inflation trend, the NBS reported that urban inflation rate eased by 11.68 percent year-on-year in the month under review from 12.08 percent recorded in May, while the rural inflation rate also eased 10.83 percent from 11.20 percent recorded in the preceding month.
It stated further that on month-on-month basis, the urban index rose by 1.24 percent in June, up by 0.14 from 1.10 percent recorded in May this year, while the rural index also rose by 1.23 percent in the month under review, up by 0.15 percent from the 1.08 percent rate recorded in May this year.
The Bureau clarified further: “The corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 percent in June 2018. This is less than the 15.10 percent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 percent compared to 14.53 percent recorded in May 2018.
“The composite food index rose by 12.98 percent in June 2018 (13.45% in May 2018). This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Bread and cereals, Fish, oils and fats, Milk, Cheese and Eggs, Vegetables, Fruits and Meat.
“On a month-on-month basis, the food sub-index increased by 1.57 percent in June 2018, up by 0.24 percent points, from 1.33 percent recorded in May 2018.
“The average annual rate of change of the Food sub-index for the twelve-month period ending June 2018 was 17.75 percent, down 0.61 percent points from the average annual rate of change recorded in May 2018 (18.36) percent”, the NBS added.
On the ”All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce, the Bureau stated that rate stood at 10.4 percent in June 2018, down by 0.3 percent from the 10.7 percent rate recorded in the preceding month.
The NBS’ report showed that on month-on-month basis, the core sub-index increased by 1.03 percent in June 2018, up by 0.05 percent when compared with 0.98 percent recorded in May this year
The agency listed the commodities with the highest price increases as Fuels and Lubricants for personal transport equipment, Garments, Domestic services and household services, Books and stationeries, and Actual and imputed rentals for housing.
Others include, Tobacco, Vehicle spare parts, Hairdressing saloons and personal grooming establishment, Pharmaceutical products, Dental services, Maintenance and repair of personal transport equipment, Paramedical services, and Hospital services.
It reported that the average 12-month annual rate of change of the index was 11.65 percent for the twelve-month period ended June this year; representing 0.18 percent points lower than 11.83 percent recorded in May.
