Inflation Rate (Monthly)



Period CPI Core Food
Jun 2021 17.75 13.09 21.83
May 2021 17.93 13.15 22.28
Apr 2021 18.12 12.74 22.72
Mar 2021 18.17 12.67 22.95
Feb 2021 17.33 12.38 21.79
Jan 2021 16.47 11.85 20.57
Dec 2020 15.75 11.37 19.56




Insight

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 17.75% (year-on-year) in June 2021. This is 0.18% points lower than the rate recorded in May 2021 (17.93%).

Nigeria's inflation dropped for the third consecutive month to 17.75% in June 2021, lower than the rate (17.93%) recorded in May 2021 and 18.12% in April 2021.

The composite food index dropped from 22.28% recorded in May 2021 to 21.83% in June 2021, indicating the third  consecutive decline in the food index.

This rise in the food index was caused by increases in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats, and Vegetables.

The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.09% in June 2021, down by 0.06% when compared with 13.15% recorded in May 2021.

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

Data Source: Nigeria Bureau Statistics

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