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NBS: Nigeria’s inflation rises to 12.56% in June

The consumer price index which measures inflation increased by 12.56 per cent (year-on-year) in June 2020, the National Bureau of Statistics disclosed this in its June CPI and inflation report on Friday.

“This is 0.16 per cent points higher than the rate recorded in May 2020 (12.40 per cent)” it stated.

Increases were recorded in all COICOP divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.21 per cent in June 2020.

This was 0.04 per cent rate higher than the rate recorded in May 2020 (1.17 per cent).

The percentage change in the average composite CPI for the 12 months period ending June 2020, over the average of the CPI for the previous 12 months period was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 per cent recorded in May 2020.

On a month-on-month basis, the urban index rose by 1.23 per cent in June 2020, up by 0.05 from 1.18 per cent recorded in May 2020, while the rural index also rose by 1.19 per cent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index was 12.50 per cent in June 2020.

This was higher than 12.36 per cent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.

The urban inflation rate increased by 13.18 per cent (year-on-year) in June 2020 from 13.03per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.

 

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