Nigeria’s inflation rate surges to 18.60%, highest in five years

Nigeria’s inflation rate rose to 18.60 percent in June 2022, a five-year high, up from 17.71 percent in the previous month.

The National Bureau of Statistics (NBS) made the disclosure on Friday in its consumer price index (CPI) report for June 2022.

The consumer price index (CPI), measures the rate of change in prices of goods and services.

The figure is also 0.84 percent points higher compared to June 2021, which is 17.75 percent.

The development means that the headline inflation rate increased in June 2022 when compared to the same month in the previous year (June 2021).

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,” the report reads.