The National Bureau of Statistics has said that Nigeria’s inflation rate recorded a seventh consecutive monthly rise to 18.6 per cent in June.
The figure represents a 0.9 percent point rise from the 17.71 per cent it was in May 2022 and it is the highest since January 2017.
The NBS made the revelations in its consumer price index (CPI) report for June 2022, released on Friday.
The June figure is also 0.84 per cent points higher compared to June 2021.
The report also showed that increases were recorded in all classifications of individual consumption according to purpose (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).
“The percentage change in the average composite CPI for the 12 months ending June 2022 over the average of the CPI for the previous 12 months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021,” the NBS said.
The report added that food inflation rose to 20.60 percent in June 2022 on a year-on-year basis but the rate of changes in average price level declined by 1.23 percent when compared to 21.83 percent in June 2021.
The report further explained that the rate of changes in food prices compared to the same period last year was higher due to higher food prices volatility caused by COVID-19.
“This rise in the food index was caused by increases in prices of bread and cereals, food products n.e.c, Potatoes, yam, and other tubers, meat, fish, oil and fat, and wine,” it added.
“On a month-on-month basis, the food sub-index increased to 2.05 percent in June 2022, up by 0.03 percent from 2.01 percent recorded in May 2022.”
In analysing price movements for states, the report said Bauchi and Kogi states were the highest.
“In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 percent), Kogi (21.37 percent), Ebonyi (20.73 percent) while Adamawa (16.14 percent), Sokoto (16.31 percent) and Jigawa (16.37 percent) recorded the slowest rise in headline year-on-year inflation,” the report stated.
