Nigeria’s inflation rate rose further to 12.56% In June (year-on-year), 0.16% points higher than the rate recorded in May 2020 (12.4%). This is according to the latest CPI report, released by the Nigerian Bureau of Statistics.
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The report also showed that composite food index rose to 15.18% compared to 15.04% recorded in May 2020 while Core inflation, which excludes the prices of volatile agricultural produce that stood at 10.13% in June 2020 compared to 10.12% recorded in May 2020.
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This rise in the food index was caused by increases in prices of Bread and Cereals, Potatoes, Yam and other tubers, Fruits, Oils and Fats, Meat, Fish and Vegetables.
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