Nigeria’s Inflation rate skyrockets by 12.56% – NBS

Bassy Eduno

The National Bureau of Statistics (NBS ) has announced increase of in Consumer Price Index (CPI) that measures inflation rate in the month of June, 2020.

According to the official website report titled “CPI June Report 2020, the consumer price index, (CPI) which measures inflation increased by 12.56 percent on annual basis indicated that nation’s economic recorded 0.16 percent points higher than the rate recorded in May 2020 which stood at 12.40 percent.

CPI June Report 2020 has it that, a skyrocketed increase were recorded in all COICOP divisions that yielded the Headline index. The NBS explained on month-on-month basis, the Headline index increased by 1.21 percent in June 2020. This is 0.04 percent rate higher than the rate recorded in May 2020 (1.17 percent).

According to the report, the implication of this skyrocketed increase is that, the percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 11.90 percent, representing a 0.11 percent point increase from 11.79 percent recorded in May 2020.

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