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Food prices soar in Nigeria as inflation hits 12.56%

Nigeria’s inflation goes hyper, hits 13.22%

 

Nigerians are now paying much more for good stuff as the prices of groceries have soared in the last one month.

The National Bureau of Statistics (NBS) which brought out a statistics on the Consumer Price Index(CPI) for the month of June, on Friday, reports that Nigeria recorded its highest inflation rate in 26 months.

In its CPI and Inflation Report, the agency disclosed that the country’s inflation rose to 12.56 per cent in June, as prices of basic food items surged.

According to the report, June’s inflation was 0.16 per cent higher than the rate recorded in May which was 12.40 per cent.

Furthermore, the composite food index rose by 15.18 per cent in June 2020 compared to 15.04 per cent in May 2020, a development triggered by the increased prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.

The Core inflation which did not include the prices of volatile agricultural produce stood at 10.13 per cent in June 2020, up by 0.01 percent when compared with 10.12 per cent recorded in May 2020.

Urban inflation rate increased to 13.18 per cent in June from 13.03 per cent recorded in May 2020, while the rural inflation rate increased to 11.99 per cent in June 2020 from 11.83 per cent in May 2020.

The urban index rose by 1.23 per cent in June 2020 up by 0.05 from 1.18 per cent recorded in May 2020, and the rural index also rose by 1.19 per cent in June up by 0.03 from the rate recorded in May 2020 which was 1.16 per cent.

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