Image: nigeriancurrent.com

Image: nigeriancurrent.com

The Consumer Price Index (CPI) which measures inflation continued to record relatively strong increases for the fifth consecutive month in June 2016, the National Bureau of Statistics (NBS) said on Monday.

It said headline index increased by 16.5 per cent (year-on-year), 0.9 per cent points higher from rates recorded in May (15.6 per cent).

Most COICOP divisions which contribute to the Headline index increased at a faster pace, it said, adding that the increase was, however, weighed upon by a slower increase in three divisions — Recreation and Culture; Restaurant a

During the month of June, the highest increases were seen in the electricity, liquid fuel (kerosene), furniture and furnishings, passenger transport by road, and fuels and lubricants for personal transport equipment.

While imported foods continued to increase at a faster pace, the food sub index on the aggregate increased, albeit at a slower pace in June relative to May, the NBS said.

It said the index increased by 15.3 per cent (year-on-year) in June up by 0.4 percentage points from rates recorded in May.

The index, it said, was weighted upon by a slower increase in the vegetables and “sugar, jam, honey, chocolate and confectionery” groups.

“Month-on-month, the headline index has moved in a sideways fashion since February, the first month of a pronounced increase in rates this year. Specifically in June, the index increased by 1.7 per cent, lower by roughly 100 basis points from rates recorded in May.

The bureau also stated that year-on-year, both the urban and rural indices increased albeit at a faster pace in June.

“The urban index rose by roughly 100 basis points from 17.1 per cent in May to 18.1 per cent in June, while the rural index increased by 0.7 per cent points from 14.3 per cent in May to 15.1 per cent in June.

“On a month-on-month, basis both the urban and rural indices increased at a slower pace in June.

“The Urban index increased by 1.8 per cent during the month, 120 basis points lower from 3.0 per cent in May.

“In addition, the rural index increased by roughly 1.6 per cent in June, 90 basis points lower from 2.5 per cent in May,’’ it stated.

It said also that the percentage change in the average composite CPI for the twelve-month period ending in June 2016 over the average of the CPI for the previous twelve-month period was 11.4 per cent higher from 10.7 per cent recorded in May.

“The corresponding twelve-month year-on-year average percentage change for the urban index increased from 11.2 per cent in May to 11.9 per cent in June, while the corresponding rural index also increased from 10.4 per cent in May to 10.9 per cent in June,’’ it added.

nd Hotels, and Miscellaneous Goods and Services.

It said that year-on-year, energy prices, imported items and related products continued to be persistent drivers of the Core sub-index.

The Core index increased by 16.2 per cent in June, up by approximately 1.2 percentage points from rates recorded in May (15.1 per cent).

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Author: Cerebral Lemon