Inflation Increase

Nigeria’s Inflation Rate Increases to 12.56 in June

The Nigeria’s National Bureau of Statistics (NBS) Friday reported that the country’s consumer price index, (CPI) which measures inflation increased to 12.56 percent (year-on-year) in June 2020, representing 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent.

According to NBS, the increases were recorded in all Classification of Individuals Consumption by Purposes (COICOP) divisions that yielded the Headline index.

On month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020.

About Yusuf Issa

Check Also

Nigerian Govt. to Establish Council on Poverty Reduction

Professor Doyin Salami-led Presidential Economic Advisory Council (PEAC), has advised the Federal Government to setup …

Leave a Reply

Your email address will not be published. Required fields are marked *