Inflation rate slowed to 17.75 per cent in June ― NBS


For the third month in a row, the National Bureau of Statistics (NBS) reported a deceleration in the rate of inflation in June 2021.

It dropped to 17.75per cent from 17.93per cent recorded in the previous month.

Food inflation stood at 21.83per cent in June compared to 22.28per cent in May while core inflation which excludes the prices of volatile agricultural produce dropped from 13.15per cent recorded in May 2021 to 13.09per cent in the review period.

On a month-on-month basis, the Headline index increased by 1.06per cent in June 2021, which is 0.05per cent points higher than the rate recorded in May 2021 (1.01per cent).

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

Also, for the third consecutive month, the food index slowed in June to 21.83per cent from 22.28per cent recorded in the previous month.

On a month-on-month basis, the food sub-index increased by 1.11per cent in June 2021, up by 0.06per cent points from 1.05per cent recorded in May 2021.

Also, 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 19.72per cent.

The rise in the food index was attributed to increases in the prices of Bread and Cereals, Potatoes, Yam and other Tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats, and Meat.

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.09per cent in June 2021, down by 0.06per cent when compared with 13.15per cent recorded in May 2021.

On a month-on-month basis, the core sub-index increased by 0.81per cent in June 2021.

This was down by 0.43per cent when compared with 1.24per cent recorded in May 2021.

During the month under review, all items inflation on year on year basis was highest in Kogi (23.78), Bauchi (20.67per cent) and Jigawa (19.81per cent), while Cross River (15.53per cent), Delta (15.18per cent), and Abuja (15.15per cent) recorded the slowest rise in headline year-on-year inflation.

On food, inflation was highest in Kogi with 30.34per cent, Enugu (25.18per cent) and Kwara (24.78per cent), while Bauchi (18.97per cent), River (18.92per cent), and Abuja (17.09per cent) recorded the slowest rise in year-on-year inflation.

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Inflation rate slowed to 17.75 per cent in June

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