The consumer price index (CPI), which measures the rate of inflation in Nigeria increased to 18.60 per cent in June 2022, up from 17.71 percent in May.
The National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June 2022, released on Friday said the current rate is the highest since February 2017.
“In June 2022, the inflation rate increased to 18.60 percent on a year-on-year basis. This is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent. 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,” the NBS stated.
It also stated that “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) 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.