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NBS: Inflation increased by 12.82 per cent in July

The National Bureau of Statistics (NBS) has said that inflation rose by 12.82 per cent in July, 2020.

According to the Bureau in its “Consumer Price Index (CPI) and Inflation Report July 2020,” the increase is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

NBS said in the period under review, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The report said on month-on-month basis, the headline index increased by 1.25 percent in July 2020.

This, said the NBS, is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020, it said.

The report said this is higher than 12.50 percent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020.

The Bureau said the urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.

On a month-on-month basis, the report said, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.

The report added that “On month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.

“Increases were recorded in all COICOP divisions that yielded the Headline index. The consumer price index, (CPI) which measures inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

“The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.”

Source: thenationonlineng.net