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HomeTop NewsNigeria's inflation surges to 18.6% in June, highest in more than 5-year

Nigeria’s inflation surges to 18.6% in June, highest in more than 5-year

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By Samuel Bankole

Nigeria’s consumer inflation rose sharply in June to 18.60 per cent compared with 17.71 per cent recorded in the previous month, according to the latest data from the National Bureau of Statistics (NBS) on Friday.

The consumer price index (CPI), which measures the rate of change in prices of goods and services, is the highest since February 2017,

“In June 2022, the inflation rate increased to 18.60 per cent on a year-on-year basis. This is 0.84 per cent points higher compared to the rate recorded in June 2021, which is 17.75 per cent.

“This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021).

“Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent 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 per cent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021,” the NBS said in its latest report.

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The NBS stated that in June 2022, the urban inflation rate increased to 19.09 per cent (year-on-year); this is a 0.74 per cent increase compared to 18.35 per cent recorded in June 2021.

Also, on a month-on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent).

“The corresponding twelve-month average percentage change for the urban index is 17.09 per cent in 2022. This is 0.58 per cent higher compared to 16.51 per cent reported in June 2021.

“The rural inflation rate increased to 18.13 per cent in June 2022 (year-on-year) basis; this is a 0.97 per cent increase compared to 17.16 recorded in June 2021.

“On a month-on-month basis, the rural index rose to 1.81 per cent in June 2022, up by 0.05 per cent from the rate recorded in May 2022 (1.76 per cent), while the corresponding twelve-month average percentage change for the rural inflation rate in June 2022 is 16.02 per cent.

“This is 0.66 per cent higher compared to 15.36 per cent recorded in June 2021,” the NBS consumer inflation index report stated.

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