EHIME ALEX, Lagos
Headline inflation rose to 12.56 per cent year-on-year in the month of June 2020, data released on Friday by the National Bureau of Statistics indicates.
According to NBS in the consumer price index (CPI) report, inflation increased by 0.16 per cent points higher than the 12.40 per cent rate recorded in May 2020.
The report shows that increases were recorded in all COICOP divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.21 per cent in the review month which is 0.04 per cent rate higher than the 1.17 per cent rate recorded in May 2020.
Urban inflation rose to 13.18 per cent year-on-year in June 2020 from 13.03 per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.
Also, the composite food index rose to 15.18 per cent in June 2020 compared to 15.04 per cent in May 2020.
The report shows that rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.
On month-on-month basis, the food sub-index increased to 1.48 per cent in June 2020, up by 0.06 per cent points from 1.42 per cent recorded in May 2020.
Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.13 per cent in June 2020, up by 0.01per cent relative to 10.12 per cent recorded in May 2020.
While on month-on-month basis, the core sub-index decreased to 0.86 per cent in June 2020, down by 0.02 per cent when compared with 0.88 per cent recorded in May 2020.
The highest increases were recorded in prices of Medical services, Hospital services, Passenger transport by road, Pharmaceutical products, Motor cars, Paramedical services, Maintenance and repair of personal transport equipment, Bicycles, Motor cycles, Vehicle spare parts and Other services in respect of personal transport equipment.
All items inflation year-on-year basis, in the review month, was highest in Bauchi, 15.02 per cent; Sokoto, 14.88 per cent and Ebonyi, 14.60 per cent; while Cross River, 10.95 per cent; Lagos, 10.78 per cent and Kwara, 10.03 per cent recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, all items inflation was highest in Bauchi, 1.95 per cent; Sokoto, 1.89 per cent; and Kogi, 1.83 per cent; while Delta, 0.56 per cent; Borno and Kwara, 0.45 per cent and Ekiti, 0.40 per cent recorded the slowest.
It further indicates that food inflation on a year-on-year basis was highest in Sokoto, 17.88 per cent; Plateau, 17.04 per cent and Abuja, 16.82 per cent; while Lagos, 13.46 per cent; Ogun, 13.18 per cent; and Bauchi, 12.86 recorded the slowest rise.
On month-on-month basis however, June 2020 food inflation was highest in Kogi, 3.07 per cent; Benue, 2.41 per cent; and Zamfara, 2.24 per cent; while Ondo, 0.47 per cent; Anambra, 0.42 per cent and Lagos, 0.18 per cent recorded the slowest rise.