Nigeria’s inflation hits 18.6% in June

Nigeria’s inflation rate in the month of June 2022 increased to 18.60 per cent on a year-on-year basis.

The National Bureau of Statistics revealed this in its Consumer Price Index June 2022 report.

The recorded increase in June is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.

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

Increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline index.

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

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 per cent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021.