Headline Inflation Increases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate - NBS

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Friday, July 16, 2021 09:00 AM / by NBS/ Header Image Credit:  NBS


The consumer price index, (CPI) which measures inflation (rate of change in the increase in prices) 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. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021).


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

 

On month-on-month basis, the Headline index increased by 1.06 percent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 percent).


The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point increase over 15.50 percent recorded in May 2021.

 

The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021.

 

On a month-on-month basis, the urban index rose by 1.09 percent in June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), while the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) percent.

 

The corresponding twelve-month year-on-year average percentage change for the urban index was 16.51 percent in June 2021. This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate in June 2021 wass 15.36 percent compared to 14.94 percent recorded in May 2021.

 

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Food Index

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.)

 

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Milk, Cheese and Eggs, Fish, Soft drinks, Vegetables, Oils and fats and Meat.

 

On month-on-month basis, the food sub-index increased by 1.11 percent in June 2021, up by 0.06 percent points from 1.05 percent recorded in May 2021.  

 

The average annual rate of change of the Food sub-index for the twelve-month period ending June 2021 over the previous twelve-month average was 19.72   percent, 0.54  percent points from the average annual rate of change recorded in May 2021 (19.18 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 stood at 13.09 percent in June 2021, down by 0.06 percent when compared with 13.15 percent recorded in May 2021.

 

On month-on-month basis, the core sub-index increased by 0.81 percent in June 2021. This was down by 0.43 percent when compared with 1.24 percent recorded in May 2021.

 

The 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 equipments.

 

The average 12-month annual rate of change of the index was 11.75 percent for the twelve-month period ending June 2021; this is 0.25 percent points higher than 11.50 percent recorded in May 2021.

 

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 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.

 

On month on month basis however, June  2021 all items inflation was highest in Kano (2.22%), Akwa Ibom (1.98%) and Osun (1.92%), while Bauchi  (0.00%) recorded no change in headline month on month with Abuja and Cross River recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

 

Food 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.

 

On month on month basis however, June 2021 food inflation was highest in Jigawa (2.67%), Edo (2.43) and Cross River (2.16%), while Lagos (0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in food inflation.

 

Click Here to Download June 2021 CPI PDF Report


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Latest 2021 NBS Reports

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Q2 2021

1.      All Commodity Group Import Index Increased by 0.82% in Q1 2021 - NBS

2.     424,460 Passengers Travelled Via Rail in Q1 2021 - NBS

3.     37.67% of Nigeria's Total Public Debt Was External as of Q1 2021 - NBS

4.     Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021

5.     Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - May 2021

7.     Headline Inflation Increases by 17.93% YoY In May 2021, 0.19% Lower Than April 2021 Rate - NBS

8.     Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 - NBS

9.     Nigeria's Merchandise Trade Deficit Deepens in Q1 2021 Due to Rising Imports

10.  Average Prices of 1kg of Tomato Increased by 0.09% YoY in April 2021 - NBS

11.   Average Fare Paid by Commuters for Intercity Bus Journey Increased by 1.48% MoM in April 2021 - NBS

12.  Nigeria's Real GDP Grew by 0.51% YoY in Q1 2021 - NBS

13.  Average Prices of PMS, AGO, HHK and Cooking Gas - April 2021

14.  Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS

15.  416 Movies Produced in Q1 2021 - NBS

16.  N392.77bn Generated as CIT in Q1 2021 - NBS

17.  N496.39bn Generated as VAT in Q1 2021 - NBS

18.  Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS

19.  Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS

20. Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 - NBS

21.  N1.31trn Generated as IGR in 2020 - NBS

22. Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

23. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2021

24. Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 - NBS

25. All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

26. 38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

 

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Q1 2021

27. Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

28. Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

29. FAAC Disburses N619.34bn in January 2021 - NBS

30. Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

31.  Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

32. Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

33. Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

34. Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

35. Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

36. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

37. Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

38. Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

39. FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

40. FAAC Disburses N601.11bn in December 2020 - NBS

41.  FAAC Disburses N604.00bn in November 2020 - NBS

42. Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

43. N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

44. N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

45. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

46. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

47. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

48. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

49. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

50. Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS


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