Latest statistics on inflation by the National Bureau of Statistics (NBS) shows that Nigeria’s consumer price index, which measures inflation, dropped to 11.22% in June 2019.
According to the NBS report, inflation dropped by 0.18% points year-on-year, lower than the 11.40% rate recorded in the month of May 2019.
Food Index: In the month of June, the NBS report shows Food inflation slowed down at 13.56% from 13.79% in the previous month.
According to the Bureau, the rise 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.
The average annual rate of change of the Food sub-index over the previous twelve-month average was 13.42%, which was 0.05% points higher from the average annual rate of change recorded in May 2019.
The core inflation which proxies food items stood at 8.8% in June 2019. On a month-on-month basis, the core inflation sub-index increased by 0.85% in June 2019.
The NBS revealed that the highest price increases were recorded in items such as Medical and hospital services, Cleaning, repair and hire of clothing, Repair and hire of footwear and Repair of household appliances.
Other items listed by the Bureau include Actual and imputed rentals for housing, Major household appliances whether electronic or not and tobacco.