Thursday, July 29, 2021

NBS announces drop in Inflation rate



The National Bureau of Statistics says Nigeria’s inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June.

The NBS said in its Consumer Price Index report for June that this showed 0.18 per cent fall in inflation rate.

Part of the report read, “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 per cent (year-on-year) in June 2021.

On month-on-month basis, the headline index increased by 1.06 per cent in June 2021.

This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent).

The percentage change in the average composite CPI for the 12 months period ending June 2021, over the average of the CPI for the previous 12 months period was 15.93 per cent, representing a 0.43 percentage point increase over 15.50 per cent recorded in May 2021.

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