Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate

Proshare

Friday, July 17, 2020  08:35 AM / NBS/ Header Image Credit:  NBS


 Proshare Nigeria Pvt. Ltd.


All Item Index

The consumer price index, (CPI) which measures inflation increased by 12.56 percent (year-on-year) in June 2020. This is 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent.

 

Increases were recorded in all COICOP divisions that yielded the Headline index.

 

On month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

 

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.

 

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.

 

On a month-on-month basis, the urban index rose by 1.23 percent in June 2020, up by 0.05 from 1.18 percent recorded in May 2020, while the rural index also rose by 1.19 percent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) percent.

 

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.50 percent in June 2020. This is higher than 12.36 percent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 percent compared to 11.26 percent recorded in May 2020.

 

Proshare Nigeria Pvt. Ltd.

 

Food Index

The composite food index rose by 15.18 percent in June 2020 compared to 15.04 percent in May 2020.

 

This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

 

On month-on-month basis, the food sub-index increased by 1.48 percent in June 2020, up by 0.06 percent points from 1.42 percent recorded in May 2020. 

 

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).

 

Proshare Nigeria Pvt. Ltd.

 

 

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 percent in June 2020, up by 0.01percent when compared with 10.12 percent recorded in May 2020.

 

On month-on-month basis, the core sub-index increased by 0.86 percent in June 2020. This was down by 0.02 percent when compared with 0.88 percent recorded in May 2020.

 

The highest increases were recorded in prices of Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Motor cars, Paramedical services, Maintenance and repair of personal transport equipment, Bicycles, Motor cycles, Vehicle spare parts and Other services in respect of personal transport equipment.

 

The average 12-month annual rate of change of the index was 9.37 percent for the twelve-month period ending June 2020; this is 0.1 percent points higher than 9.27 percent recorded in May 2020.

 

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.  

 

All Items Inflation

In June 2020, all items inflation on year on year basis was highest in Bauchi (15.02%), Sokoto (14.88%) and Ebonyi (14.60%), while Cross River (10.95%), Lagos (10.78%) and Kwara (10.03%) recorded the slowest rise in headline Year on Year inflation.

 

On a month on month basis, however, all items inflation was highest in Bauchi (1.95%), Sokoto (1.89%) and Kogi (1.83%), while Delta (0.56%), Borno and Kwara (0.45%) and Ekiti (0.40%) recorded the slowest rise in headline month on month inflation.

 

Food Inflation

In June 2020, food inflation on a year on year basis was highest in Sokoto (17.88%), Plateau (17.04%) and Abuja (16.82%), while Lagos (13.46%), Ogun  (13.18%) and Bauchi (12.86%) recorded the slowest rise.

 

On month on month basis however, June 2020 food inflation was highest in Kogi (3.07%), Benue (2.41%) and Zamfara (2.24%), while Ondo (0.47%), Anambra (0.42%) and Lagos (0.18%) recorded the slowest rise.

 

Click Here to Download June 2020 CPI PDF Report


 Proshare Nigeria Pvt. Ltd.


Latest 2020 NBS Reports

 Proshare Nigeria Pvt. Ltd.


Q3 2020

  1. Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS
  2. NBS Publishes National Living Standard Survey 2018-19 Report
  3. Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

 Proshare Nigeria Pvt. Ltd.


Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  9. FAAC Disburses N780.93bn in April 2020 - NBS
  10. FAAC Disburses N581.57bn in March 2020 - NBS
  11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  16. N1.33trn Generated As IGR in 2019 - NBS
  17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  19. N338.94bn Generated As VAT in Q1 2020 - NBS
  20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  28. FAAC Disburses N647.35bn in February 2020 - NBS

 Proshare Nigeria Pvt. Ltd.


Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

 Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.

 

 

 

READ MORE:
Related News
SCROLL TO TOP