Good News as NBS Report Shows Nigeria’s Inflation Rate Fell to 17.75% in June
- The National Bureau of Statistics has released the Consumer Price Index report for the month of June 2021
- A glance at the report shows that Nigeria's inflation rate dropped to 17.75% in June as against the 17.93% reported in May
- Regarding the urban inflation rate, an increase of 18.35% (year-on-year) was recorded in June 2021 as against the 18.51% recorded in May 2021
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Nigeria’s inflation rate fell slightly from 17.93% in May to 17.75% in June, according to the Consumer Price Index report published by the National Bureau of Statistics (NBS).
The NBS said in the report that this showed 0.18% fall in the inflation rate.
What this means is that prices continued to rise in June 2021 but at a slightly slower rate than it did in May 2021.
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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.
“This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93) per cent. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021).”
Headline increases by 1.06% in June
On a month-on-month basis, the headline index increased by 1.06% in June 2021. This is 0.05% points higher than the rate recorded in May 2021 (1.01%), Legit.ng gathers.
The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93%.
This represented a 0.43% point increase over 15.50% recorded in May 2021.
Urban inflation rate increases
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% 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.
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CBN crashes prices of rice, gives reasons
In other news, the Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria have flagged off sales of nine million tons of subsidised rice paddy to millers in order to make lives bearable to Nigerians.
While flagging off the sales and commencement of the wet season farming in Kaduna, the CBN governor, Godwin Emefiele said the apex bank is ever ready to finance agriculture.
Legit.ng gathered that Emifiele, who was represented by the Kaduna branch of CBN, Ahmed Mohammed, said the programme was aimed at selling rice to the millers and processors at a subsidized rate with the intention of reducing the price for the benefit of a common man in Nigeria and beyond.
Source: Legit.ng
