The National Bureau of Statistics on Friday revealed that the nation’s headline inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month.
The latest figure is the highest level since January 2017.
The NBS said this in its consumer price index (CPI) report which measures the rate of change in prices of goods and services in the country.
In May 2022 inflation figure stood at 17.71 percent.
June 2022 inflation figure represents a 0.84 percent points higher compared to June 2021, which is 17.75 percent.
NBS in its report noted that there were increases 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.
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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 added that food inflation rose to 20.60 percent in June 2022 on a year-on-year basis but the rate of changes in average price level declined by 1.23 percent when compared to 21.83 percent in June 2021.
The report further explained that the rate of changes in food prices compared to the same period last year was higher due to higher food 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, yam, and other tubers, meat, fish, oil and fat, and wine,” it added.
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.”
In analysing price movements for states, the report said Bauchi and Kogi state were the highest.
“In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 percent), Kogi (21.37 percent), Ebonyi (20.73 percent) while Adamawa (16.14 percent), Sokoto (16.31 percent) and Jigawa (16.37 percent) recorded the slowest rise in headline year-on-year inflation,” it said.
“On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69 percent), Ondo (2.65 percent), and Kaduna (2.61 percent), while Adamawa (-0.26 percent), Abuja (-.0.03 percent) and Sokoto (0.79 percent) recorded the slowest rise on month-on-month inflation.”
Source: Ripples Nigeria
