NBS Releases June Inflation Rate

Bureau Of Statistics, Inflation RateNigeria’s headline inflation increased by 16.5% in June from 15.6% in May, as the rate continues to increase for the fifth consecutive month.

According to the National Bureau of Statistics, the 0.9% increase is attributed to a rise in energy costs, imported food items and related products.

During the period, the food index rose at a faster rate of 1.4%, month-on-month due to increase in the prices of meat, vegetables and cereals.

While the urban index also jumped 11.9% in June, the corresponding rural index increased from 10.4% to 10.9%.

Meanwhile, the Nigerian stock market’s benchmark index dropped by 25 basis points to 28,733.90, while the market capitalisation fell by 25 billion naira to 9.86 trillion naira against Friday’s figure, as the market reacts to the country’s June inflation data, and financial markets illiquidity.

However, investors’ appetite for stock remained moderate as a total of 315.5 million shares worth 1.72 billion naira were traded in 3,976 deals at the close of session.

Skye Bank topped the lead of the most actively traded stock with a whopping 138.2 million shares followed by FBN Holdings and UBA.

On the price table, Skye Bank was also the major price advancer in a list of ten, with a 10% increase to its share price, followed by Forte Oil and Nigerian Police Microfinance Bank.

And on the flip side, Law Union and Rock Insurance led 23 other decliners including Wapco and Arbico, down by 8.33%.

Nigeria Economy: Rate Of Inflation Increases

Inflation-rateThe latest data from the National Bureau of Statistics (NBS) has shown that Nigeria’s headline inflation rate has recorded a sharp increase of 1.9 per cent to 15.6 per cent in the month of May.

According to the NBS, the rise from 13.7 per cent was attributed to an overall increase in general price level across the economy.

The Food Sub Index increased by 1.7 per cent in May, recording a year-on-year rise from 13.2 per cent to 14.9 per cent.

According to the NBS, the increase in rates in May relative to April reflected an overall increase in general price level across the economy, as all divisions which contribute to the Headline index increased at a faster pace in May.

This is the fourth consecutive month that the Consumer Price Index (CPI) is recording a relatively strong increase.

The higher rate was reflected across all divisions.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

See full Consumer Price Index here.

Nigeria’s Inflation Rises By 11.4% In February

inflationNigeria’s headlines inflation for the month of February has jumped to 11.4% up by 2.6% month-on-month, according to the report just released by the Bureau of Statistics.

Consumer inflation was reported at 9.6% in January, already outside the threshold set for monetary policy considerations by the Central Bank.

Ahead of the release, inflation estimates for February has been put at between 9.7% and 10.1%.

February 2015 Consumer Price Index (CPI)/ Inflation Report released by the National Bureau of Statistics explained, “The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions.

“This contributes to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.”

According to the statistics office, the food sub-index moved up 1.4% month-on-month to 11.3% in February.

“The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups.

“The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions,” the reports says.

Urban inflation climbed 3.0% to 12.3% and rural inflation reported higher at 10.7% advancing 1.8% last month.

 

Inflation Rate Remains Unchanged At 9.6%

inflationNigeria’s inflation rate remained unchanged at 9.6% in the month of January, maintaining the same figure recorded in December, 2015.

According to data released by the National Bureau of Statistics on Sunday, the headline index was weighed down by slower increases in major divisions such as housing, water, electricity, gas, fuel, furnishing and household equipment.

Food inflation remained steady at 10.6% in January compared with the previous month.

During the month, all major food groups which contribute to the food sub-index increased at a faster pace during the month, with the exception of the fruit vegetables.

The NBS also stated in its petrol price watch that Nigerians paid an average sum of 109 Naira 59 kobo per litre for the product in January.