The National Bureau of Statistics (NBS) on Friday reported a third consecutive decline in inflation rate as June inflation figure was lower than that of May.
According to the report released by NBS the consumer price index, (CPI) which measures inflation increased by 17.75 percent (year-on-year) in June 2021. This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93) percent.
The composite food index rose by 21.83 percent in June 2021 compared to 22.28 percent in May 2021. This implies that food prices continued to rise in June 2021 but at a slightly slower speed than it did in May 2021, according to the report.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.09 percent in June 2021, down by 0.06 percent when compared with 13.15 percent recorded in May 2021.
NBS said that highest increases were recorded in prices of Garments, Passenger travel by air and by road, Motor cars and Vehicle spare parts, Shoes and other footwear, Pharmaceutical products, Medical services, Hairdressing salons and personal grooming establishments, Cleaning, repair and hire of clothing, Clothing materials, other articles of clothing and clothing accessories, Furniture and furnishing and Fuels and lubricants for personal transport equipment.
In June 2021, all items inflation on year on year basis was highest in Kogi (23.78), Bauchi (20.67%) and Jigawa (19.81%), while Cross River (15.53%), Delta (15.18%) and Abuja (15.15%) recorded the slowest rise in headline 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%), while Bauchi (18.97%), River (18.92%) and Abuja (17.09%) recorded the slowest rise in year on year inflation.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.