The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate rose to 18.6 per cent in June 2022.
The NBS made this known via its Consumer Price Index (CPI) report for the month of June which was released on Friday.
Compared to 17.71 per cent recorded in May, the latest figure grew by 0.84 per cent points, also higher than the 17.75 per cent recorded in June 2021.
Nigeria’s inflation rate hits its highest level in 65 months (over 5 years), and the fifth consecutive monthly rise.
The last time Nigeria’s inflation rate rose to 18.6 per cent was January 2017, when it stood at 18.72 per cent.
According to NBS, food inflation rose to 20.6 per cent in June 2022 from 19.5 per cent recorded in May 2022.
The bureau attributed the rise in the food index to increases in prices of bread and cereals, food products, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.
In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99%), Kogi (21.37%), Ebonyi (20.73%) while Adamawa (16.14%), Sokoto (16.31%) and Jigawa (16.37%) recorded the slowest rise in headline.
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On a month-on-month basis, it recorded the highest increases in Kogi (2.69%), Ondo (2.65%), and Kaduna (2.61%), while Adamawa (-0.26%), Abuja (-.0.03%) and Sokoto (0.79%) recorded the slowest rise on month-on-month inflation.
Food inflation on a year-on-year basis was highest in Kwara (25.62%), Kogi (24.81%), and River (24.34%), while Jigawa (16.01%), Sokoto (16.24%), and Kaduna (17.75%) recorded the slowest rise in year-on-year food inflation.
On a month-on-month basis, however, in June 2022 food inflation was highest in Ebonyi (3.52%), Bayelsa (3.27%), and Ondo (3.25%), while Sokoto (0.11%), Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise on month-on-month inflation.
On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 per cent).
The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.
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