Inflation Rises To 18.6% In Nigeria

Nigeria’s inflation rate rose higher in the month of June 2022 to 18.6 per cent, according to latest figure by the National Bureau of Statistics (NBS).

Compared to 17.71 per cent recorded in the previous month, 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 climbed to its highest level in 65 months (over 5 years), and the fifth consecutive monthly rise. The last time the inflation rate in Nigeria touched the 18.6 per cent ceiling was January 2017, when it stood at 18.72 per cent.

Food inflation, which is closely watched index also rose to 20.6 per cent in June 2022 from 19.5 per cent recorded in May 2022. The rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine.

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 consumer purchasing index (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.