Nigeria Headline Inflation Falls To 11.22 Percent In June 2019

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Nigeria headline inflation decline to 11.2 percent in June 2019, the National Bureau of Statistics, NBS, reporting for the month of June, 2019, said on Monday July 15, 2019, that headline inflation rate dropped by 0.18 percentage points to 11.2 percent in June from 11.4 percent in May 2019.

Similarly, the Bureau noted that Year-on-Year, YoY, food inflation rate dropped by 0.23 basis points to 11.56 percent in June from 11.8 percent in May. The report stated: “The consumer price index, (CPI) which measures inflation, increased by 11.22 percent (year-on-year) in June 2019.

This is 0.18 percent points lower than the rate recorded in May 2019 (11.4 percent). Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions that yielded the headline index.”

On food inflation, it stated: “The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019. The decline 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.

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