The National Bureau of Statistics (NBS) has said the inflation rate in the country in the month of June 2021 was 17.75 per cent.
The Bureau said the figure reduced by 0.18 per cent from the 17.93 per cent recorded in May 2021.
The NBS made this known in its Consumer Price Index (CPI) report of June 2021 released on Friday.
On a month-on-month basis, the headline index increased by 1.06 per cent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 per cent).
The urban inflation rate increased by 18.35 per cent (year-on-year) in June 2021 from 18.51 per cent
recorded in May 2021, while the rural inflation rate increased by 17.16 per cent in June 2021 from 17.36
per cent in May 2021.
The composite food index also rose by 21.83 per cent in June 2021 compared to 22.28 per cent in May 2021.
Food prices, therefore, continued to rise in June 2021, as the report shows, but at a slightly slower rate than it did in May 2021.
According to the index, the rise in the food index was driven by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats and meat.
“On month on month basis however, June 2021 food inflation was highest in Jigawa (2.67%), Edo (2.43) and
Cross River (2.16%), while Lagos (0.14%), Borno (0.06%) and Kwara (0.02% recorded the slowest rise in
food inflation,” the report added.