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Inflation Drops Third Consecutive Months To 17.75% In June


Oluwasina Phillip

The consumer price index, which measures inflation increased by 17.75 per cent (year-on-year) in June 2021.
This is 0.18 points lower than the rate recorded in May 2021 (17.93 per cent).


The National Bureau of Statistics disclosed in its Consumer Price Index report for June which was released on Friday.
Increases were recorded in all COICOP divisions that yielded the headline index.


On month-on-month basis, the headline index increased by 1.06 per cent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 per cent).


The percentage change in the average composite CPI for the 12 months period ending June 2021, over the average of the CPI for the previous 12 months period 15.93 per cent, representing a 0.43 per cent point increase over 15.50 per cent recorded in May 2021.

The urban inflation rate increased by 18.35 per cent (year-on-year) in June 2021 from 18.51 per cent recorded in May 2021, while the rural inflation rate increased by 17.16 per cent in June 2021 from 17.36 per cent in May 2021.


On a month-on-month basis, the urban index rose by 1.09 per cent in June 2021, up by 0.05 points compared to the rate recorded in May 2021, while the rural index also rose by 1.02 per cent in June 2021, up by 0.04 per cent compared to the rate that was recorded in May 2021 (0.98 per cent).

The corresponding 12-month year-on-year average percentage change for the urban index is 16.51 per cent in June 2021.


This is higher than 16.09 per cent reported in May 2021, while the corresponding rural inflation rate in June 2021 is 15.36 per cent compared to 14.94 per cent recorded in May 2021.


On food inflation, the report revealed that the composite food index rose from 22.8 per cent in May 2021 to 21.83 per cent in June 2021, reflecting the continued rise in food prices in June, but at a slightly slower speed than it did in May.

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