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Nigeria’s inflation rate drops again to 17.75% in June 2021 – NBS

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Nigeria

Nigeria’s inflation rate dropped again in the month of June 2021 to 17.75% from 17.93% recorded in the previous month (May 2021). This represents the third consecutive decline in headline inflation.

The National Bureau of Statistics (NBS) made this known in its latest consumer price index report

According to the report, the food inflation stood at 21.83% in June 2021 compared to 22.28% in May 2021 while core inflation which excludes the prices of volatile agricultural produce dropped from 13.15% recorded in May 2021 to 13.09% in the review period.

The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point increase over 15.50 percent recorded in May 2021.

The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021.

The composite food index rose by 21.83 percent in June 2021 compared to 22.28 percent in May 2021. (This implies that food prices continued to rise in June 2021 but at a slightly slower speed than it did in May 2021.)

This rise in the food index was caused 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 month-on-month basis, the food sub-index increased by 1.11 percent in June 2021, up by 0.06 percent points from 1.05 percent recorded in May 2021.

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The average annual rate of change of the Food sub-index for the twelve-month period ending June 2021 over the previous twelve-month average was 19.72   percent, 0.54  percent points from the average annual rate of change recorded in May 2021 (19.18 percent).

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.

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