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Inflation in Nigeria Falls as Hike of Food Price Slows Down

Inflation in Nigeria Falls as Hike of Food Price Slows Down 

For the third consecutive month in June, Nigeria’s inflation rate decreased to 17.75% from 17.93% registered in May, as food price increases were rising, the National Bureau of Statistics reported.

The statistics department stated Friday that, as assessed by the CPI, the prices of goods and services rose by 17.75% in June, 2021 in comparison to May, 2021.

This is 0.18 points below the rate earlier in the month.

“This means that prices kept rising in June 2021 but slowed down somewhat compared to May 2021,” says NBS.

The headline index grew in June 2021 on a month-to-month basis by 1.06%. The rate observed in May 2021 is 0.05 percentage points above (1.01 per cent).

In June 2021, compared to 22.28% in May 2021, it reported the Composite Food Index climbed by 21.83%.

This means that in June 2021, food price increased slightly slower than in May 2021.

Increases in prices on bread and cereals, potatoes, yam and other tuber, milk, cheese and eggs, fish and soft drinks, vegetables, oils, fats and meat have contributed to this rise in the food index in June.

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