Inflation Falls To 10.2% In June

The National Bureau of Statistics (NBS) said that the inflation rate for the month of June stood at 10.2 per cent, down from  the 12.4 per cent recorded in May.

It added that the monthly change of the Composite Consumer Price Index (CPI) represented 0.97 per cent increase when compared with that of May.

“The change in the month-on-month index was caused mainly by upward movement of the prices of some food items like yam, fruits and cereals.

“Average monthly food prices rose by 1.3 per cent in June when compared with May figure.

“The average annual rate of rise of the index was 12.7 per cent for the 12-month period ending June 2011,” the statement said.

It said the “All Items Less Farm Produce” index, which excluded the prices of agricultural products, increased by 0.7 per cent in June when compared with May.

The statement said that the increase was caused mainly by the increased cost of some household items like building materials, rents, diesel and kerosene.

“In the 12-month to June 2011, the index rose by 11.5 per cent, while the average annual rate of rise of the index was 12.1 per cent for the 12-month period ending June 2011,” it said.

The statement said that the “All Item Index” increased by 1.4 per cent in the second quarter of 2011, when compared with the first quarter of the same year.

It added that the figure was smaller than the 3.6 per cent recorded in the first quarter.