Agbo Dennis
Nigeria’s Inflation rate drops to 17.7% in June. The Inflation has yet fallen again as the economy steadily improves. This represents the third consecutive decline in headline inflation.
According to National Bureau of Statistics (NBS) in the latest consumer price index report that was released in June 2021. The country’s inflation rate dropped further from 17.93% as recorded in the May to 17.75% in the month of June 2021.
Nigeria’s Inflation rate drops for the third straight month. 17.75% in June, 17.93% in May of 2021 from 18.12% in April, amid a slight slowdown in prices of food & non-alcoholic beverages & tobacco (22.28% vs 22.72% in April) and despite a recent currency devaluation.
Still, the annual core inflation, which excludes the prices of volatile agricultural produce hit 13.15% in May, the highest since April of 2017.
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The report stated that food inflation stood at 21.83% in June 2021 compared to 22.28% in May 2021 while core inflation which excludes the prices of volatile agricultural produce dropped from 13.15% recorded in May 2021 to 13.09% in the review period.
The report further disclosed that The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021.
The composite food index rose by 21.83 percent in June 2021 compared to 22.28 percent in May 2021.
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For states, Bauchi stood at 18.97%, Rivers at 18.92% and Abuja at 17.09%. The 3 states recorded the slowest rise in year on year inflation.
In June 2021, food inflation on a year on year basis was highest in Kogi (30.34%), Enugu (25.18%) and Kwara (24.78%)
On month-on-month basis, food inflation(June 2021) was highest in Jigawa at 2.67%, Edo at 2.43% and Cross River at 2.16% while Lagos(0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in food inflation.
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