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Nigeria’s inflation rate drops further

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Nigeria’s consumer price index (CPI), a measurement of the rate of change in prices of goods and services, has declined to 17.75% in June from 17.93 recorded in May 2021.

The ‘Consumer Price Index Report for June’ released by the National Bureau of Statistics (NBS) on Friday, means that the prices have continued to increase in June 2021. However, it was at a slower rate than it did in the last month.

“The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living,” the NBS noted in its report.

“The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.”

The country’s Headline Index, on a month-on-month basis, moved by 1.06% in June 2021. This figure was  0.05 percentage points higher than what was recorded in May 2021 – pegged at 1.01%.

There was also an increase in the urban inflation rate as it jumped by 18.35 %(year-on-year) in June 2021 from May 2021’s 18.51%. On the other hand, the rural inflation rate moved by 17.16% in June 2021 from 17.36% in May 2021.

The NBS report equally noted that the composite food index increased by 21.83 % in June 2021. This is against the 22.28% reported in May 2021.

The implication is that prices of food rose in the month under review but at a little slower pace than what was recorded in May 2021.

Increases in prices of bread, cereals, yam, and others, drove the food price index.

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