By Ismail Auwal
Nigeria’s inflation rose in June to its highest level in more than five years, fueled by rising prices of food and the high cost of diesel.
The NBS on Friday said that the rate is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.
The new rate is the highest the nation has recorded since January 2017.
“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),” the NBS said in its report.
On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, which is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).
According to the report, 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 report reads.
“The percentage change in the average composite CPI for the twelve months 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.”
