Inflation in June rose marginally to 9.2 percent, 0.2 percentage points higher than the 9.0 percent recorded in May.
Statistics released yesterday in Abuja by the National Bureau of Statistics, NBS, which affirmed this attributed the increase to Food and Non-Alcoholic Beverages and Transportation, which increased at a faster pace during the period.
It noted that in “June, the Consumer Price Index (CPI) which measures inflation rose by 9.2 percent (year-on-year), 0.2 percentage points from the 9.0 percent rate recorded in May.
“The faster pace of the Headline index was as a result of bottlenecks observed during the period which resulted in major COICOP Divisions such as Food and Non-Alcoholic Beverages and Transportation increasing at a faster pace during the period.
“Through the first six months of the year, the Headline index has increased by 8.6 percent, 0.7 percentage points higher from rates recorded during the corresponding period in 2014.”
The NBS said irregularity of the supply of Premium Motor Spirit (PMS) has continued to impact food prices.
The Food Sub index rose by 10.0 percent (year-on-year) in June, up by 0.2 percentage points from 9.8 percent in May.
On a year-on-year basis, all groups which contribute to the Food sub-index increased at a faster pace during the reporting period with the exception being Oils and Fats, and Potatoes, yams and Tubers groups which increased albeit at a slower pace.
The pace of advances recorded by the “All Items less Farm Produce” or Core sub-index edged higher in June.
The Core Sub-index increased by 8.4 percent (year-on-year), marginally higher from May with the highest pressures observed in the Transportation, Education and Miscellaneous Good and Services divisions.
The pace of increases slowed in multiple divisions as well, such as Clothing and Footwear, Housing Water, Electricity, Gas and other Fuels, as well as other divisions.
On a month-on-month basis, the pace of the increase in the Headline index eased, increasing by 0.9 percent in June from 1.1 percent recorded in May with largest increases observed in the Food and Non-Alcoholic Beverages, Transportation and Miscellaneous Goods and Services Divisions.
In June, both the Urban and Rural Price Indices increased at a faster pace relative to May.
The Urban index increased by 9.2 percent, up marginally from 9.1 percent in May, while the Rural index increased by 9.1 percent, 0.2 percentage points higher than 8.9 percent in May.
On a month-on- month basis, both the Urban and Rural indices increased by 0.9 percent from 1.1 percent recorded in May.
The percentage change in the average composite CPI for the twelvemonth period ending in June over the average of the CPI for the previous twelve-month period was 8.4 percent, marginally higher from the 8.3 percent rate recorded in May.
“The corresponding 12-month year-on-year average percentage change for the Urban and Rural indices edged higher from May to 8.5 percent and 8.3 percent respectively,” said the NBS.


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