The National Bureau of Statistics (NBS) has disclosed that Nigeria’s inflation rate in the month of June 2022 rose to 18.60 percent on a year-on-year basis.
The economic body made this known in its report of the Consumer Price Index for June 2022.
Compared to the rate recorded in exactly a year ago which is 17.75 percent, the recent increase recorded in June 2022 is 0.84 percent points higher.
The implication of this is that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).
Similarly, 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 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).
Also, 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.