Nigeria’s inflation rate rose further in June 2020 to 12.56 per cent (year-on-year), 0.16 per cent points higher than the rate recorded in May 2020 (12.4 per cent).
This is according to the latest Consumer Price Index report released by the National Bureau of Statistics.
The report also showed that composite food index rose to 15.18 per cent compared to 15.04 per cent recorded in May 2020, while core inflation which excludes the prices of volatile agricultural produce that stood at 10.13 per cent in June 2020 compared to 10.12 percent recorded in May 2020.
The rise in the food index was caused by increase in prices of bread, cereals, potatoes, yam and other tubers, fruits, oils and fats, meat, fish and vegetables.
