Cost of Goods and Services Rise to 12.56% in June in Nigeria -NBS

Inflation rate rose to a record high in Nigeria in the month of June, according to the National Bureau of Statistics (NBS).

In the NBS report released on Friday, the Consumer Price Index (CPI), which measures inflation rate in an economy, rose by 12.56 percent year-on-year in the month of June, representing an increase of 0.16 percent when compared to the 12.40 percent recorded in May.

On a monthly basis, the inflation rate increased by 1.21 percent in June, 0.04 percent higher than the 1.17 percent filed in the month of May 2020.

“The percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020,” NBS stated.

“The urban inflation rate increased by 13.18 percent (year-on-year) in June 2020 from 13.03 percent recorded in May 2020, while the rural inflation rate increased by 11.99 percent in June 2020 from 11.83 percent in May 2020.”

According to NBS, the Composite Food Index expanded from N15.04 percent in the month of May to 15.18 percent in June as prices were largely affected by the increase in prices of Bread and Cereals, Potatoes, yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

On a monthly basis, the food sub-index expanded by 1.48 percent in June 2020, an increase of 0.06 percent from the 1.42 percent achieved in May 2020.

The reported noted that “the average annual rate of change of the Food sub-index for the twelve-month period ending June 2020 over the previous twelve-month average was 14.46 percent, representing a 0.13 percent points increase from the average annual rate of change recorded in May 2020 (14.33 percent).”