Nigeria’s inflation rate rose by 16.1% for the month of June 2017 compared to 16.5% in the month of May 2017. This is the 5th consecutive month of a drop in monthly (year on year) inflation rate in Nigeria.
On a month-on-month basis, the Headline index increased by 1.58 percent in June 2017, 0.30 percent points lower than the rate of 1.88 percent recorded in May 2017. Month on Month inflation has cumulatively risen by 9.28% since January 2017.
The percentage change in the average composite CPI for the twelve-month period ending in May 2017 over the average of the CPI for the previous twelve-month period was 17.58 percent, lower from 17.63 percent recorded in May 2017.
The Food Index increased by 19.91percent (year-on-year) in June 2017, down by 0.64 percent points from the rate recorded in May (19.27 percent) indicating continued pressure in food prices.
The Composite Food Index rose by 19.91 percent in June 2017. The rise in the index was 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.
On a month-on-month basis, the Food sub-index increased by 1.99 percent in June, up by 0.64 percent points from 2.54 percent recorded in May.