Nigeria’s inflation rate drops to 11.22%

By Financescape


The Nigerian Bureau of Statistics has released the consumer price Index June 2019 report.


The consumer price index (CPI) which measured inflation increased by 11.22% (year-on-year) in June 2019, This is o.18% points lower than the rate recorded in May 2019 (11.40%), the increase was recorded in all COICOP divisions that yielded the headline index. On a month-on-month basis, the headline index increased by 1.07% in June 2019, this is 0.04% rate lower than the rate recorded in May 2019 (1.11%).


The urban inflation rate drop to 11.61% (year-on-year) in June 2019 from 11.76% recorded in May 2019, while the rural inflation rate drops to 10.87% in June 2019 from 11.08% in May 2019


According to the report the composite food index stood at 13.56% in June 2019 compared to 13.79% in May 2019. The change in the food index was driven by an increase in prices of bread and cereals, meat, oil and fats, potatoes, yam, and other tubers, fish, vegetables, and fruits. the food inflation index on-year-on-year basis was higher in Kaduna at 17.50% followed by Kebbi 16.96 and Ondo 16.66% while, Kogi, Bayelsa, and Aba recorded the slowest at 9.81%, 9.97%, and 10.84%.


Core inflation stood at 8.8in June 2019 down by 0.2% compared to 9.0% in May 2019

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