Inflation Drops By 0.18% To 11.22% In June 2019

The consumer price index, (CPI) which measures inflation drops by 0.18 % to 11.22 percent (year-on-year) in June 2019.

This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

The National Bureau of statistics in its consumer price index June reports shows  that On month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.

 The percentage change in the average composite CPI for the twelve months period ending June 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, similar to the 11.29 percent recorded in May 2019.

The urban inflation rate was 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate reduced to 10.87 percent in June 2019 from 11.08 percent in May 2019.

 On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.

The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.

NBS say  the rise in the food index was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.8 percent in June 2019, down by 0.2 percent when compared with 9.0 percent recorded in May 2019.

The highest increases were recorded in prices of Medical and hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear, Repair of household appliances, Actual and imputed rentals for

housing, Major household appliances whether electronic or not and Tobacco.

In June 2019, all items inflation on year on year basis was highest in Bauchi (15.40%), Kebbi (14.73%) and Kaduna (13.91%), while Delta (9.46%), Kwara (9.01%) and Bayelsa (8.56%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, June 2019 all items inflation was highest in River (2.28%), Lagos (1.72%) and Cross River (1.57%), while Bayelsa (0.42%), Kaduna (0.37%) and sokoto (0.31%) recorded the slowest

rise.

In June 2019, food inflation on a year on year basis was highest in Kaduna (17.50%), Kebbi (16.96%) and

Ondo (16.44%), while Abia (10.84%), Bayelsa (9.97%) and Kogi (9.81%) recorded the slowest rise.

On month on month basis however, June 2019 food inflation was highest in Kogi (3.20%),River (2.96%) and Osun (2.58%), while Anambra (0.47%) , Yobe (0.33%) and Kaduna (0.26%) recorded the slowest rise.

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