National Bureau Of Statistics Upbraids Nigeria Of Inflation Figures

By Ayodele Oni

The National Bureau of Statistics, (NBS) has released figures for the month of June, as it disclosed that urban inflation increased by 18.35 percent from the record of the preceding month of May.

The Bureau noted that Nigeria’s inflation rate reflected a marked increase in urban inflation across Nigeria’s urban centers in the months of June in contrast to the preceding month of May 2021.

The increase, it explained, however, did not positively reflect on the overall national inflation which dipped marginally.

The ‘Consumer Price Index (CPI) Report for June’ released Friday in Abuja by NBS indicated that prices continued to increase in June.

The report outlined that “The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

“On month-on-month basis, the Headline index increased by 1.06 percent in June 2021 This is 0.05 percentage points higher than the rate recorded In May 2021 (1.01 percent).

“The percentage change in the average composite CPI for the twelve months period ending June 2021, over the average of the CPI for the previous twelve months period was 15.93 percent, representing a 0.43 percentage point Increase over 15.50 percent recorded in May 2021.

“The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.54 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2024.

“On a month-on-month basis, the urban Index rose by 1.09 percent In June 2021, up by 0.05 points compared to the rate recorded in May 2021 (1.04 percent), while the rural index also rose by 1.02 percent in June 2021, up by 0.04 percentage points over the rate that was recorded in May 2021 (0.98) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 16.54 percent In June 2021.

“This is higher than 16.09 percent reported in May 2021, while the corresponding rural inflation rate in June 2024 was 15.96 percent compared to 14.94 percent recorded in May 2021.”