Nigeria’s inflation rate hits 12.56%

Nigeria has recorded its highest inflation rate in 26 months as confirmed by the National Bureau of Statistics (NBS) on Friday July 17. 

In its CPI and Inflation Report for June, the agency disclosed that the country’s inflation rose to 12.56 per cent in June, as prices of basic food items surged. The report revealed that June’s inflation was 0.16 per cent higher than the rate recorded in May which was 12.40 per cent.

It was further gathered that the composite food index rose by 15.18 per cent in June 2020 compared to 15.04 per cent in May 2020, a development caused by the increased prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

The Core inflation which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June 2020, up by 0.01 percent when compared with 10.12 per cent recorded in May 2020.

The urban inflation rate increased by 13.18 per cent in June from 13.03 per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.
 

The urban index rose by 1.23 per cent in June 2020 up by 0.05 from 1.18 per cent recorded in May 2020, and the rural index also rose by 1.19 per cent in June up by 0.03 from the rate recorded in May 2020 which was 1.16 per cent.