Inflation Rate Rising Again, Amidst Increasing Food And Commodity Prices
The latest report by the National Bureau of Statistics (NBS) has disclosed that the nation’s inflation for the twelve months period ending June 2022 was 18.60%.
On a month-on- month increase, this indicates a 1.82% rise in Nigeria’s inflation when compared to the figure for May 2022, which was 17.71%.
According to NBS, in June 2022, Nigeria’s inflation rate increased to 18.60 percent on a year-on-year basis, 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 the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index, according to the national statistical office.
“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 [consumer price index] 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,” the NBS stated.