Nigeria: Consumer Price Index, CPI comes in at 17.75% in June. This shows a slightly slower rise in prices than the previous month’s inflation index, the Nigeria Bureau of Statistics, NBS reports.
Nigeria: Key data of the inflation in June
- Consumer prices increased 0.18% in June from a month earlier.
- Excluding the prices of volatile agricultural produce, Core inflation stood at 13.09 % in June. Lower 0.06% from 13.15% in May 2021.
- Increases in food and core inflation prices comprised about one-third of the total CPI increase.
The inflation rate is at its second-lowest since January 2021 despite the burst in food cost and price increases in All items less farm produce.
In May, inflation came in at 17.93%, 0.18 percentage points higher than the 17.75% reported by the NBS in June.
Excluding volatile prices of agricultural produce, the core CPI was down 0.06%, the second-lowest move for that index since January 2021.
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On a monthly basis, headline and core prices rose 1.06% against 0.05% in May.
The pandemic lockdown about a year ago contributed a great deal to the crises that the economy in Nigeria is currently facing. However, this is not to say that it is the only cause of the continued rise in inflation.
Demand and supply chain as well as dollar shortages have made impacts as well.
These were among the sectors that were particularly influenced by the shutdown. Hence the increasing prices of food items – Bread and cereals, Potatoes, Yam and other Tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats and Meat.
Analysts estimate the prices will go higher in July and inflation average of 17.0% throughout 2021.
The CBN inflation target of 6% to 9% is still measures away from becoming feasible.