Nigeria’s inflation quickens to 26-months high at 12.56% in June

The rate at which commodity items are sold in Nigeria rose to 12.56 percent in the month of June, to record its biggest jump since April 2018.

The increase in the headline inflation for the month, was 0.16 percent higher than that recorded in May when it grew by 12.40, the National Bureau of Statistics said in the early hours of Friday.

The increase was driven mainly by a jump in the prices of food items, particularly oil and fats, fish, potatoes and yam and other tubers, meat, vegetables, bread and cereal, and fruits.

Food inflation in the month rose by 15.08 percent in the period compared to the 15.04 recorded in the previous month while core inflation, which captures all items other than food, rose slightly by 10.13 percent from 10.12 in May, the NBS said.

On a month on month basis, the headline index increased by 1.2 percent in June, an increase of 0.04 percent than that seen in may.

In urban areas, inflation increased by 13.18 percent (year-on-year) in June 2020 from 13.03 percent recorded in May 2020, while the rural inflation rate increased by 11.99 percent in June 2020 from 11.83 percent in May 2020.

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