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Nigeria’s inflation rate increase to 12.56 per cent in June

Nigeria’s National Bureau of Statistics (NBS) on Friday said that the nation’s Consumer Price Index (CPI), which measures inflation, increased to 12.56 per cent year-on-year in June 2020.

The NBS said in its CPI and Inflation Report for June released in Abuja the month’s inflation was 0.16 per cent points higher than the rate recorded in May, which was 12.40 per cent.

The NBS stated that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

It explained that on month-on-month basis, the headline index increased by 1.21 per cent in June and this was 0.04 per cent rate higher than the rate recorded in May, which was 1.17 per cent.

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

The NBS noted that the urban inflation rate increased by 13.18 per cent year on year in June from 13.03 per 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.

According to the bureau, on 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 and the rural index also rose by 1.19 per cent in June up by 0.03 from the rate recorded in May 2020 which was 1.16 per cent.

It stated that the corresponding 12 months year on year average percentage change for the urban index was 12.50 per cent in June 2020.

It added that 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. 

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