Nigeria’s Inflation Rate Increased To 18.60% In June 2022, Highest In 12 Months

The Nigerian Bureau of Statistics (NBS) released inflation data for the month of June 2022, which reported an 18.60% increase in the annual Consumer Price Index, which indicates 0.89% higher than the 17.71% recorded in May 2022.

The increase in inflation rate for June 2022 is attributed majorly to the increases in food prices which rose to 20.60%.

On a month-on-month basis, the headline inflation rate increased to 1.82% in June 2022, this is 0.03% higher than the rate recorded in May 2022 (1.78%).

The urban inflation rate increased to 19.09% (y-o-y) in June 2022 this is a 0.74% increase compared to 18.35% recorded in June 2021, while the rural inflation rate increased to 18.13% in June 2022 (y-o-y) basis, this is 0.97% increase compared to 17.16% recorded in June 2021

The composite food index rose to 20.60% in June 2022 on a year-on-year basis; the rate of changes in the average price level declined by 1.23% compared to 21.83% in June 2021. The rate of changes in food prices compared to the same period last year was higher due to higher food price volatility caused by COVID-19. This rise in the food index was caused by increases in prices of bread and cereals, Food products, potatoes, yams and other tubers, Meat, Fish, Oil and fat, and Wine.

EighteenEleven Media reports that higher energy prices amid the Russian-Ukraine tension and rising global food insecurity will continue to keep the inflation rate at elevated levels.