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CPI Drops to 16.10% in June 2017, 0.15% Lower Than 16.25% May Rate

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Monday, July 17, 2017 10:00 AM / NBS

All Item Index

The Consumer Price Index (CPI) which measures inflation increased by 16.10 percent (year-on-year) in June 2017. This was 0.15 percent points lower the rate recorded in May (16.25 percent). Accordingly, this represents the fifth consecutive decline in the rate of inflation since January 2017

On a month-on-month basis, the Headline index increased by 1.58 percent in June 2017, 0.30 percent points higher lower 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 May2017 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.


Price movements recorded by All Items less farm produce or Core sub-index rose by 12.50 percent (year-on-year) in June, down by 0.50 percent points from rate recorded in May (13.00) percent. This represents the 8th straight month of decline in the core index since November 2016


The Urban index rose by 16.15 percent (year-on-year) in June 2017 from 16.34 percent recorded in May, while the Rural index increased by 16.01 percent in June from 16.02 percent in May.


On month-on-month basis, the urban index rose by 1.60 percent in June from 1.84 percent recorded in May, while the rural index rose by 1.57 percent in June from 1.92 percent in May.


The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.88 percent in June to 18.69 percent in May, while the corresponding rural index also increased from 16.50 percent in May to 16.56 percent in June.





Click Here to Download June 2017 CPI (PDF) Report

Food Index

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.


The average annual rate of change of the Food sub-index for the twelve-month period ending in June 2017 over the previous twelve-month average was 17.87 percent, 0.39 percent points from the average annual rate of change recorded in May (17.48) percent.


All Items Less Farm Produce (Core) Index

The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.50 percent during the month of June to 12.50 percent points from 13.00 percent recorded in May as all key divisions which contributes to the index increased but at a decreasing rate.


On a month-on-month basis, the Core sub-index increased by 1.32 percent in June, 0.15 percent points higher than the 1.17 percent recorded in May.


The highest increases were recorded in prices solid fuels, clothing materials and other articles of clothing and clothing accessories, liquid fuels, spirits, books and stationeries, passenger transport by air, garments, shoes and footwear and motorcycles.


The average 12-month annual rate of rise of the index was recorded at 16.22 percent for the twelve-month period ending in June 2017, 0.35 percent points lower from the twelve-month rate of change recorded in May.
 

Click Here to Download June 2017 CPI (PDF) Report







Click Here to Download June 2017 CPI (PDF) Report









Latest 2017 NBS Reports

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2.     
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Total Value of Capital Imported into Nigeria in Q1 2017 Estimated at $908.27m - NBS
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Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS
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