The Nigeria Bureau of Statistics (NBS) in its Consumer Price Index report for June showed a 0.18% fall in the inflation rate. The inflation rate fell slightly from 17.93% in May to 17.75% in June.
The report reads in part, “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75% (year-on-year) in June 2021.
“This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93)%. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than they did in May 2021).”
The urban inflation rate increased by 18.35% (year-on-year) in June 2021 from 18.51% recorded in May 2021, while the rural inflation rate increased by 17.16% in June 2021 from 17.36% in May 2021.
On a month-on-month basis, the urban index rose by 1.09% in June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04%), while the rural index also rose by 1.02% in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) %
The corresponding 12-month year-on-year average percentage change for the urban index was 16.51% in June 2021. This is higher than the 16.09% reported in May 2021, while the corresponding rural inflation rate in June 2021 was 15.36% compared to the 14.94% recorded in May 2021.