Food price continued to drive inflation as Nigeria’s inflation rate in June 2020 rose to 12.56 per cent (year-on-year).the Nigerian Bureau of Statistics (NBS), in it’s latest Consumers Price Index (CPI) has disclosed.
This is 0.16 percentage points higher than the 12.4 per centrate in May 2020.
The rise in the food index was fueled by increases in prices of bread and cereals, potatoes, yam, other tubers, fruits, oils and fats, meat, fish and Vegetables.
The NBS report posted on its website on Friday in Abuja, showed that composite food index rose to 15.18 per cent compared to 15.04 per cent recorded in May 2020.
The report also put core inflation at 10.13 per cent in June 2020 compared to 10.12 per cent recorded in the preceding month.Details later
