Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate

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Monday, July 23, 2018 /08:15 AM / NBS

 

All Item Index

The Consumer Price Index (CPI) which measures inflation increased by 11.23 percent (year-on-year) in June 2018. This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017. Increases were recorded in all COICOP divisions that yield the Headline index. 

On a month-on-month basis, the Headline index increased by 1.24 percent in June 2018, up by 0.15 percent points from the rate recorded in May 2018.

The percentage change in the average composite CPI for the twelve months period ending June 2018 over the average of the CPI for the previous twelve months period was 14.37 percent, showing 0.42 percent point lower from 14.79 percent recorded in May 2018. 

The urban inflation rate eased by 11.68 percent (year-on-year) in June 2018 from 12.08 percent recorded in May 2018, while the rural inflation rate also eased 10.83 percent in June 2018 from 11.20 percent in May 2018. 

On month-on-month basis, the urban index rose by 1.24 percent in June 2018, up by 0.14 from 1.10 percent recorded in May 2018, while the rural index also rose by 1.23 percent in June 2018, up by 0.15 percent from the rate recorded in May 2018(1.08) percent. 

The corresponding twelve-month year-on-year average percentage change for the urban index was 14.71 percent in June 2018. This is less than the 15.10 percent reported in May 2018, while the corresponding rural inflation rate in June 2018 was 14.08 percent compared to 14.53 percent recorded in May 2018.

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 Food Index

The composite food index rose by 12.98 percent in June 2018 (13.45% in May 2018). This rise in the food index was caused by increases in prices of Potatoes, yam and other tubers, Bread and cereals, Fish, oils and fats, Milk, Cheese and Eggs, Vegetables, Fruits and Meat. 

On a month-on-month basis, the food sub-index increased by 1.57 percent in June 2018, up by 0.24 percent points, from 1.33 percent recorded in May 2018. 

The average annual rate of change of the Food sub-index for the twelve-month period ending June 2018 was 17.75 percent, down 0.61 percent points from the average annual rate of change recorded in May 2018 (18.36) percent.

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All Items Less Farm Produce

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce was 10.4 percent in June 2018, down by 0.3 percent from the rate recorded in May 2018 (10.7) percent. 

On month-on-month basis, the core sub-index increased by 1.03 percent in June 2018, up by 0.05 percent when compared with 0.98 percent recorded in May 2018.

The highest increases were recorded in prices of Fuels and Lubricants for personal transport equipment, Garments, Domestic services and household services, Books and stationeries, Actual and imputed rentals for housing, Tobacco, Vehicle spare parts, Hairdressing saloons and personal grooming establishment, Pharmaceutical products, Dental services, Maintenance and repair of personal transport equipment,  Paramedical services, Hospital services. 

The average 12-month annual rate of change of the index was 11.65 percent for the twelve-month period ending June 2018; this is 0.18 percent points lower than 11.83 percent recorded in May.

 

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 2018, all items inflation on a year on year basis was highest in Rivers (13.82%), Kebbi (13.61%) and Adamawa (13.41%), while Kwara (8.16%), Benue (9.28%) and Plateau(9.49%) recorded the slowest rise in headline Year on Year inflation. 

On month on month basis however, June 2018 all items inflation was highest in Kogi (2.99%), Oyo (2.50), and Gombe (2.01%), while Plateau (0.19%), Kaduna (0.22) and Edo (0.41%) recorded slowest rise on a month on month all item basis in June 2018.
 

Food Inflation

In June 2018, food inflation on a year on year basis was highest in Bayelsa (15.90%), Rivers (15.54%) and Abuja (15.44%), while Benue (8.92%), Plateau (10.42%) and Borno (10.21%) recorded the slowest rise in food inflation. 

On a month on month basis however, June 2018 food inflation was highest in Kogi (5.05%), Oyo (3.54%) and Gombe (2.75%), while Edo (0.01%) recorded the slowest rise, and Kwara and Kaduna all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in June 2018.
 

Click Here to Download June 2018 CPI PDF Report


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Latest 2018 NBS Reports 

Q2 2018

1.       134,663 Crime Cases Were Reported in 2017 - NBS

2.      FAAC Disburses N701.02bn in May 2018 - NBS

3.      Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS

4.      Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS

5.      Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate

6.      Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018

7.      Merchandise Trade in Both Directions Grew Significantly in Q1 2018

8.     7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

9.      5.67bn Litres of PMS Imported in Q1 2018 - NBS

10.  FAAC Disburses N638.09bn in April 2018 - NBS

11.   2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

12.  Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

13.  N269.79bn Generated as VAT in Q1 2018 - NBS

14.  Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

15.   Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

16.  Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

17.   Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

18.  Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

19.  Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

20. FAAC Disburses N647.39bn in March 2018 –NBS

21.  720,958 Passport Applications Received in 2017 - NBS

22. 309,713kg of Drug Seized in 2017 - NBS

23. Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

24. Average Price of Tomato Decreased by -0.58% YoY in March 2018

25.  Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

26. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

27.  Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 

Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.     Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.  Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.   Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.  N254.10bn Generated as VAT in Q4 2017 – NBS

14.  Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.  5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.  Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.  Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.  7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.  Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.  Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30.  Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

31.   FAAC Disburses N609.96bn in December 2017 – NBS

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