July 15, (THEWILL) – In June 2022, Nigeria’s inflation rate increased to 18.60 percent on a year-on-year basis – the highest in five years. This is 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 (June 2021).
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 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.
This has led to food prices in Nigeria skyrocketing by 5.6% in June, reflecting the government’s inability to curb rising cost of living in Nigeria.
The National Bureau of Statistics (NBS) revealed the inflation rate for last month on Friday, following the release of the Consumer Price Index (CPI), which tracks prices of consumer goods and services purchased by Nigerian households.
Meanwhile, the increase in food inflation was driven by Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine, as the rate moved up from May’s 19.5% to 20.6% in June 2022.
The NBS reported that the top three states with the highest inflation rate are Bauchi with 21.99%, Kogi 21.37% and Ebonyi 20.73%. The lowest inflation rate for all items are Adamawa 16.14%, Sokoto 16.31% and Jigawa 16.37%
States with highest food inflation rate are Kwara State 25.62%, Kogi 24.81%, and Rivers 24.34%
The slowest food inflation rate by state are Jigawa 16.01%, Sokoto 16.24%, and Kaduna 17.75%
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
