The National Bureau of Statistics (NBS) has said that the Consumer Price Index (CPI) which measures headline inflation jacked up by 1.58 per cent in June 2017, to record16.10 per cent inflation rate in June, representing a decline of 0.15 per cent from 16.25 per cent declared in May.
The new data from the statistics office, however, showed that the nation’s inflation rate dropped for the fifth consecutive period since January 2017. Although, the CPI base on month-on-month analysis is lower by 0.30 per cent compare to the rate of 1.88 per cent recorded in the preceding month
The Bureau explained in its latest report that month on month inflation has cumulatively risen by 9.28 since January 2017. Consequently, the report indicate that percentage change in the average composite CPI for the 12-month period ending in May 2017 over the average of the CPI for the previous 12-month period was 17.58 per cent, lower from 17.63 per cent recorded in May 2017.
According to NBS, the food Index increased by 19.91per cent (year-on-year) in June 2017, down by 0.64 per cent points from the rate recorded in May (19.27 per cent) indicating continued pressure in food prices.
“Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 per cent (year-on-year) in June, down by 0.50 per cent points from rate recorded in May (13 per cent).
“This represents the 8th straight month of decline in the core index since November 2016
The Urban index rose by 16.15 per cent (year-on-year) in June 2017 from 16.34 per cent recorded in May, while the Rural index increased by 16.01 per cent in June from 16.02 per cent in May.
“On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 per cent recorded in May, while the rural index rose by 1.57 per cent in June from 1.92 per cent in May.
“The corresponding 12-month year-on-year average percentage change for the urban index increased from 18.88 per cent in June to 18.69 per cent in May, while the corresponding rural index also increased from 16.50 per cent in May to 16.56 per cent in June,” the report by NBS stated.
For the Composite Food Index, the report by NBS said it increased by 19.91 per cent in June 2017, caused by increases in prices of meat, bread and cereals, fish, potatoes, yam and other tubers, oils and fats, milk, cheese and eggs, coffee, tea and cocoa.
The report said, “On a month-on-month basis, the Food sub-index increased by 1.99 percent in June, up by 0.64 per cent points from 2.54 percent recorded in May.
“The average annual rate of change of the Food sub-index for the twelve-month period ending in June 2017 over the previous twelve-month average was 17.87 per cent, 0.39 per cent points from the average annual rate of change recorded in May (17.48 per cent).