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| Nigeria Economy | |
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Friday, July 17, 2020 08:35
AM / NBS/ Header Image Credit: NBS
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.
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).
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
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