Isaac Anumihe, Abuja
The National Bureau of Statistics (NBS), yesterday, said Nigeria’s inflation rate for June, 2019, dropped to 11.22 per cent from 11.40 per cent in May. A statement obtained from NBS website, explained that the development represents 0.18 per cent points decline when compared to the rate recorded in May 2019 at 11.40 per cent.
According to the Bureau, the composite food index stood at 13.56 per cent in June 2019 compared to 13.79 per cent in May 2019, noting that the rise in the food index was caused by increases in prices of bread and cereals, meat, oils and fats, potatoes, yam and other tubers, fish, vegetables and fruits.
“On month-on-month basis, the food sub-index increased by 1.36 per cent in June 2019, down by 0.05 per cent points from 1.41 per cent recorded in May 2019. The average annual rate of change of the food sub-index for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 per cent, 0.05 per cent points higher from the average annual rate of change recorded in May 2019 (13.37) percent”, the Bureau, said, adding that the “all items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 8.8 per cent in June 2019, down by 0.2 per cent when compared with 9.0 per cent recorded in May 2019.
“On month-on-month basis, the core sub-index increased by 0.85 percent in June 2019. This was up by 0.10 percent when compared with 0.75 percent recorded in May 2019. The highest increases were recorded in prices of medical and hospital services, cleaning, repair and hire of clothing, repair and hire of footwear, Repair of household appliances, Actual and imputed rentals for housing, major household appliances whether electronic or not and tobacco. The average 12-month annual rate of change of the index was 9.64 percent for the 12 month period ending June 2019; this is 0.13 percent points lower than 9.77 percent recorded in May 2019”.