Nigeria’s inflation rate hits 12.56% – NBSNigeria — The Guardian Nigeria News – Nigeria and World News


Inflation PHOTO: Shutterstock

The National Bureau of Statistics (NBS) says Consumer Price Index, (CPI) which measures inflation increased to 12.56 per cent year-on-year in June 2020.

The NBS made this known in its CPI and Inflation Report for June released on Friday.

It stated that the report showed that June inflation was 0.16 per cent points higher than the rate recorded in May which was 12.40 per cent.

It, however, disclosed that the increases were recorded in all

Classification of Individual Consumption by Purpose

(COICOP) divisions that yielded the headline index.

The bureau explained that on a month-on-month basis, the headline index increased by 1.21 per cent in June and this was 0.04 per cent rate higher than the rate recorded in May which was 1.17 per cent.

It said the percentage change in the average composite CPI for the twelve months period ending June, over the average of the CPI for the previous twelve months period, was 11.90 per cent, representing a 0.11 per…

Source: Guardian Newspaper