Adebayo Obajemu

The economic meltdown in Nigeria has taken a new turn as inflation rate jumped further in June 2020 to 12.56% (year-on-year), 0.16% points higher than the rate recorded in May 2020 (12.4%). This development is based on the latest CPI report, released by the Nigerian Bureau of Statistics.

The report also revealed that composite food index jumped 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.

Food inflation

The composite food index stood at 15.18%, 0.14% points higher compared to 15.04% recorded in May 2020. Also, On month-on-month basis, the food sub-index increased by 1.48% in June 2020, up by 0.06% points from 1.42% recorded in May 2020.