Higher Food, Commodity Prices Push Inflation to 12.56% -NBS

Kindly Share This Story:

Ogun State Records Highest Solid Minerals Production – National ...

The Consumer Price Index, (CPI) which measures inflation rose to 12.56 per cent (year-on-year) in June compared to 12.40 per cent in May, according to the National Bureau of Statistics (NBS).

The June inflation rate is the highest since August 2019 when it recorded 11.02 per cent, indicating a 10-month high.

The NBS noted that the 0.16 per cent rise followed increases recorded in all the divisions that determine the headline index.

According to the CPI figures for June which was released yesterday by the statistical agency, month-on-month, the food sub-index increased by 1.48 per cent last month, up by 0.06 per cent points from 1.42 per cent recorded in May.

The composite food index rose by 15.18 per cent compared to 15.04 per cent in the preceding month.

The all items farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 10.13 per cent in June, up by 0.01per cent when compared with 10.12 per cent recorded in May.

Specifically, the NBS stated that inflation was fueled by rise in the food index and was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fruits, oils and fats, meat, fish and vegetables.

On the other hand, core inflation was caused by the highest increases 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, motorcycles, vehicle spare parts and other services in respect of personal transport equipment.

On a month-on-month basis, the urban index rose by 1.23 per cent up by 0.05 per cent from 1.18 per cent recorded in May, while the rural index also rose by 1.19 per cent in June 2020, up by 0.03 per cent from the 1.16 per cent recorded in the preceding month.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published.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

amehnews greetings

x
%d bloggers like this: