Inflation rises by 12.56% in June – NBS

Nigeria’s inflation rate rose to 12.56 per cent in June, as prices of basic food items surged, the NBS said on Friday.

According to the latest report on the consumer price index (CPI) by the National Bureau of Statistics (NBS), the inflation rate for the month rose by about 0.16 per cent point, from 12.40 per cent attained in May.

According to the report, border closure by the country affected the availability of rice, vegetable oil, frozen food, and other staples, causing prices of the commodities to be on the increase.

The report for June, said composite food index rose by 15.18 per cent compared to 15.04 per cent in May 2020.

This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

Also, the Core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June 2020, up by 0.01 percent when compared with 10.12 per cent recorded in May 2020.

“The highest increases were recorded in prices of Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Motor cars, Paramedical Services, Maintenance and repair of personal transport equipment, Bicycles, Motorcycles, Vehicle spare parts, and Other services in respect of personal transport equipment,” the report said.

In June 2020, the all items inflation, when compared to June 2019, was the highest in Bauchi, Sokoto, and Ebonyi while Cross River, Lagos, and Kwara states recorded the slowest rise in headline Year on Year inflation.

For food inflation year on year, inflation was recorded highest in Sokoto, Plateau and Abuja while Lagos Ogun and Bauchi recorded the slowest rise.

“On month on month basis, however, June 2020 food inflation was highest in Kogi, Benue, and Zamfara, while Ondo, Anambraand Lagos recorded the slowest rise,” the report noted.