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Nigeria: Inflation rate drops to 11.22% in June

The National Bureau of Statistics (NBS) says that Nigeria’s inflation rate for the month of June dropped to 11.22 percent.The monthly report of inflation rate released on Monday in Abuja by the NBS showed that the June figure was lower by 0.18 percent points from 11.40 percent recorded in May 2019.

The report noted that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

It added that on a 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.

According to the NBS, 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 increased by 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 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 corresponding twelve-month year-on-year average percentage change for the urban index was 11.65 percent in June 2019. This is less than 11.66 percent reported in May 2019, while the corresponding rural inflation rate in June 2019 was 10.99 percent compared to 10.98 percent recorded in May 2019,” the report said.

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