Reports from the National Bureau of Statistics (NBS) said the Consumer Price Index (CPI) which measures inflation dropped further to 11.23 percent in June from the 11.61 percent recorded in May this year.
The decline according to NBS was 0.37 percent points less than the rate recorded in May and represented the seventeenth consecutive disinflation since January 2017.
Increases were recorded in Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline index.
In its CPI report (June 2018), it stated that 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 bureau stated further that the urban inflation rate eased by 11.68 percent (year-on-year) in June from 12.08 percent recorded in May, while the rural inflation rate eased 10.83 percent in June from 11.20 percent in May 2018.
“On month-on-month basis, the urban index rose by 1.24 percent in June, up by 0.14 from 1.10 percent recorded in May, while the rural index also rose by 1.23 percent in June, 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.
The statistics office also reported that Bayelsa State recorded the fastest rise in food inflation of 15.90% year on year, followed by 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.
NBS stated further that on a month on month basis in 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, Kwara and Kaduna all recorded a general decrease in the general price level of goods and services.
“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.
It also stated that: “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.
In terms of all items inflation, the Bureau stated that Rivers state had the fastest rise of 13.82 percent year on year in headline inflation year on year, followed by Kebbi (13.61%) and Adamawa (13.41%). It also stated that 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,” NBS stated.