Headline Inflation Increased by 12.82% in July 2020; 0.26% higher than June 2020 (12.56%) Rate

Headline Inflation Increased by 12.82% in July 2020; 0.26% higher than June 2020 (12.56%) Rate

Dear Client/Reader,

The National Bureau of Statistics just reported that the consumer price index, (CPI) which measures inflation increased by 12.82% (year-on-year) in July 2020. This is 26 basis points higher than the rate recorded in June 2020 (12.56%).

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%, indicating 0.15 points increase from 11.90% recorded in June 2020.

Food Index Rose by 15.48%

Food index rose by 15.48% in July 2020. The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63%, 0.17% points higher than the average annual rate of change recorded in June 2020 (14.46%). This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish. On a month-on-month basis, the food sub-index increased by 1.52% in July 2020, up by 0.04% points from 1.48% recorded in June 2020.

Core Index stood at 10.10%

Price movements recorded by the Core index stood at 10.10% (year -on-year) in July 2020, down by 3 basis points as against 10.13% recorded in June 2020. The highest increases were recorded in prices of Medical services, Passenger transport by air, Pharmaceutical products, Hospital services, Passenger transport by road, Maintenance and repair of personal transport equipment, Paramedical services and Vehicle spare parts. On a month-on-month basis, the core sub-index increased by 0.75% in July 2020, down by 0.11% points from 0.86% recorded in June 2020.

Urban Index increased by 13.40%

The Urban index increased by 13.40% (year-on-year) in July 2020 compared to 13.18% recorded in June 2020, while the Rural index increased by 12.28% (year -on-year) in July 2020 as against 11.99% in June 2020. On a month-on-month basis, the urban index rose by 1.27% in July 2020, up by 0.04% from 1.23% recorded in June 2020, while the rural index also rose by 1.23% in July 2020, up by 0.04% from the rate recorded in June 2020 (1.19%).

Regards,

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