Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s inflation rate for the month of June 2022 increased to 18.60 percent on a year-on-year basis.
The NBS said in the report released on its website on Friday that the figure was 0.84 percent points higher than the inflation rate recorded in June 2021, which was 17.75 percent, while 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).
According to the report, increases were recorded in all COICOP divisions that yielded the Headline index.
It added that 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.
In the month of June 2022, the urban inflation rate increased to 19.09 percent (year-on-year); this is a 0.74 percent increase compared to 18.35 percent recorded in June 2021.
“On a month-on-month basis, the urban inflation rate rose to 1.82 percent in June 2022, this is a 0.01 per-cent increase compared to May 2022 (1.81 percent). The corresponding twelve-month aver-age percentage change for the urban index is 17.09 percent in 2022. This is 0.58 percent higher compared to 16.51 percent reported in June 2021,” the NBS said.
The report explained that the rural inflation rate increased to 18.13 percent in June 2022 (year-on-year) basis; this is a 0.97 percent increase compared to 17.16 recorded in June 2021.
On a month-on-month basis, the rural index rose to 1.81 percent in June 2022, up by 0.05 percent from the rate recorded in May 2022 (1.76 percent), while the corresponding twelve-month average percentage change for the rural inflation rate in June 2022 is 16.02 percent. This is 0.66 percent higher compared to 15.36 percent recorded in June 2021.
“The composite food index rose to 20.60 percent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 percent compared to 21.83 percent in June 2021.
“The rate of changes in food prices compared to the same period last year was higher due to higher foods 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, yams, and other tubers, Meat, Fish, Oil and fat, and Wine.
“On a month-on-month basis, the food sub-index increased to 2.05 percent in June 2022, up by 0.03 percent points from 2.01 percent recorded in May 2022,” it added.
GIK/APA