MoM,...Nigeria’s annual inflation accelerated to 12.56% y/y (Vetiva estimate: 12.44% y/y) in Jun’20 from 12.40% y/y in May, due largely to costlier food items,...Earlier, the National Bureau of Statistics (NBS) released the Headline inflation figures for June-2020. The Trading Economics Application Programming Interface (API) provides direct access to our data. Inflation Rate YoY The Laspeyres formula is generally used. by Olusegun Edwards; 0 Comments; The National Bureau of Statistics (NBS) says Consumer Price Index, (CPI) which measures inflation, increased to 12.56 per cent year-on-year in June, 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 …
Nigeria's annual inflation rate rose for a ninth straight month to 12.40% in May of 2020 from 12.34% in the prior month. Inflation Rate YoY Food inflation hit an over two-year high of 15.04%, amid supply chain disruptions caused by lockdown restrictions.
Nigeria's annual inflation rate rose for a tenth straight month to 12.56% in June of 2020 from 12.40% in the prior month. Food prices rose 15.03 percent, the most since March 2018, amid the coronavirus crisis. 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. Data from the National Bureau of Statistics (NBS) reveal that Nigeria’s inflation rate increased by 12.34% (year-on-year) in April 2020. 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%). The NBS On a monthly basis, consumer prices were up 1.21%, the most since June of 2018, after increasing 1.17% in the prior month. This is 0.16 percent points higher than the . We have provided a few examples below that you can copy and paste to your site:Your data export is now complete. On a month-on-month basis, the Headline index increased by 1.21 percent in June 2020. Annual Headline inflation print 12.56% from 12.40% in May 2020. This is higher than 12.36 percent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 percent compared to 11.26 percent recorded in May 2020.This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.On a month-on-month basis, the food sub-index increased by 1.48 percent in June 2020, up by 0.06 percent points from 1.42 percent recorded in May 2020.The average annual rate of change of the Food sub-index for the twelve-month period ending June 2020 over the previous twelve-month average was 14.46 percent, representing a 0.13 percent points increase from the average annual rate of change recorded in May 2020 (14.33 percent).On a month-on-month basis, the core sub-index increased by 0.86 percent in June 2020. Alcoholic Beverages, Tobacco and Kola account for 1.1 percent of total index, Communications for 0.7 percent and Recreation and Culture for the remaining 0.7 percent. The consumer price index, (CPI) which measures inflation increased by 12.56 percent (year-on-year) in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).The percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period, was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020.The corresponding twelve-month year-on-year average percentage change for the urban index was 12.50 percent in June 2020. 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%). In addition, housing and utilities inflation remained unchanged at 7.76 percent. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etcThe NBS made this known 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 allClassification of Individual Consumption by Purpose(COICOP) divisions that yielded the headline index.The bureau explained that on a 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 the 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 a 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.MILLIONS of Muslims around the world are celebrating the Eid-el-Adha religious holiday today.