Additional upward pressure came from clothing and footwear (10.33 percent vs 10.21 percent), transport (9.78 percent vs 9.49 percent), furnishings and household equipment maintenance (9.64 percent vs 9.50 percent) and education (9.16 percent vs 9.02 percent).
Additional upward pressure came from health (11.09% vs 10.66%); transport (10.41% vs 10.09%); miscellaneous goods & services (10.20% vs 10.03%) and housing & utilities (7.86% vs 7.77%). It was the highest rate since April of 2018, due to the lingering effects of the global pandemic.
The index weights are based on expenditures of both urban and rural households in the 36 states.
On a monthly basis, consumer prices inched up 1.17%, the most since June 2018, after increasing 1.02% in the previous month. The most important categories in the CPI are Food and Non Alcoholic Beverages (51.8 percent of total weight); Housing, Water, Electricity, Gas and Other Fuel (16.7 percent) and Clothing and Footwear (7.7 percent). Other significant upward pressure came from the costs of transport (10.09% vs 9.78%); clothing & footwear (10.39% vs 10.33%) and miscellaneous goods & services (10.03% vs 9.84%). The NBS disclosed this in its CPI and Inflation Report for June released on Friday. Inflation Rate YoY
It was the highest inflation rate since April of 2018, largely driven by the effects of the border closure and the new VAT tax rate. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data.
On a monthly basis, consumer prices were up 1.21%, the most since June of 2018, after increasing 1.17% in the prior month.
It was the highest inflation rate since April of 2018, largely driven by the effects of the border closure and the new VAT tax rate. It was the highest rate since March of 2018 as food prices surged 15.18%, the most in over two years, amid disruptions in the supply of products as farming activities are yet to recover from the impact of the nationwide lockdown and movements restrictions, which blocked food producers from access to the farms. 1996-2020 Data | 2021-2022 Forecast | Calendar | Historical
Education represents 3.9 percent of total weight, Health 3 percent, Miscellaneous Goods and Services 1.7 percent and Restaurants and Hotels 1.2 percent.
Core Inflation Rate in Nigeria averaged 10.21 percent from 2007 until 2020, reaching an all time high of 19.28 percent in January of 2007 and a record low of 0.49 percent in March of 2008.
Transports account for 6.5 percent of total index and Furnishings and Household Equipment Maintenance for 5 percent. The NBS disclosed this in its CPI and Inflation Report for June released on Friday.It stated that the report showed that June inflation was 0.16 per cent points higher than the rate recorded in May which was 12.40 per cent.It, however, disclosed that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.The Bureau explained that on month-on-month basis, the headline index increased by 1.21 per cent in June and this was 0.04 per cent rate higher than the rate recorded in May which was 1.17 per cent.It said the percentage change in the average composite CPI for the twelve months period ending June, over the average of the CPI for the previous twelve months period was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 per cent recorded in May 2020.The NBS noted that the urban inflation rate increased by 13.18 per cent year on year in June from 13.03 per cent recorded in May 2020 while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.According to the Bureau, on month-on-month basis, the urban index rose by 1.23 per cent in June 2020 up by 0.05 from 1.18 per cent recorded in May 2020 and the rural index also rose by 1.19 per cent in June up by 0.03 from the rate recorded in May 2020 which was 1.16 per cent.It stated that the corresponding 12 months year on year average percentage change for the urban index was 12.50 per cent in June 2020.It added that this was higher than 12.36 per cent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.
On a monthly basis, consumer prices inched up 0.84%, after increasing 0.79% in the previous month. Core consumer prices in Nigeria increased 10.13 percent in June of 2020 over the same month in the previous year. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.
Inflation Rate YoY Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing.
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TEForecast Food prices rose 15.03 percent, the most since March 2018, amid the coronavirus crisis. Inflation as measured by the consumer price index reflects the annual percentage change in …