Nigeria’s inflation rate decelerated for the 17th consecutive month in June 2018 to 11.23 percent (year-on-year), according to the National Bureau of Statistics (NBS) latest report.
NBS says this is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017.
According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index
“On a month-on-month basis, the Headline index increased by 1.24 percent in June 2018, up by 0.15 percent points from the rate recorded in May 2018,” the nation’s statistics office said..
NBS says the percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37 percent, showing 0.42 percent point lower from 14.79 percent recorded in May 2018.
The NBS reports the urban inflation rate eased by 11.68 percent (year-on-year) in June 2018 from 12.08 percent recorded in May 2018, while the rural inflation rate also eased 10.83 percent in June 2018 from 11.20 percent in May 2018.
“On month-on-month basis, the urban index rose by 1.24 percent in June 2018, up by 0.14 from 1.10 percent recorded in May 2018, while the rural index also rose by 1.23 percent in June 2018, up by 0.15 percent from the rate recorded in May 2018 (1.08) percent,” the report added.
The nation’s statistics office said the corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 percent in June 2018. This is less than the 15.10 percent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 percent compared to 14.53 percent recorded in May 2018.
The report affirmed that the composite food index rose by 12.98 percent in June 2018 (13.45% in May 2018). “This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Bread and cereals, Fish, oils and fats, Milk, Cheese and Eggs, Vegetables, Fruits and Meat,” the NBS added.
Also, on a month-on-month basis, the food sub-index increased by 1.57 percent in June 2018, up by 0.24 percent points, from 1.33 percent recorded in May 2018.
While the average annual rate of change of the Food sub-index for the twelve-month period ending June 2018 was 17.75 percent, down 0.61 percent points from the average annual rate of change recorded in May 2018 (18.36) percent.