Nigeria’s inflation rate surges to 5yr-high of 18.6% in June – NBS
National Bureau of Statistics (NBS) says the country’s inflation rate in the month of June 2022 has climbed further to 18.6 per cent compared to 17.71 per cent recorded in the previous month of May, this year.
According to the NBS’s recently released CPI report for the month of June 2022, Nigeria’s inflation rate climbed to its highest level in 65 months (of over 5 years), and the fifth consecutive monthly rise.
The last time the inflation rate in Nigeria touched the 18.6 per cent ceiling was January 2017, when it stood at 18.72 per cent.
On a month-on-month basis, the 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%). Also, the urban inflation rate increased to 19.09 per cent (year-on-year); this is 0.74 per cent points higher than the 18.35 per cent recorded in June 2021, while the rural inflation rate increased to 18.13 per cent in June 2022 from 17.16% recorded in the corresponding period of 2021.
In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 per cent), Kogi (21.37 per cent), Ebonyi (20.73 per cent) while Adamawa (16.14 per cent), Sokoto (16.31 per cent) and Jigawa (16.37 per cent) recorded the slowest rise in headline Year-on-Year inflation.
On food inflation, a state-by-state analysis shows that Kwara State had the highest rise at 25.62 per cent, Kogi (24.81 per cent), and Rivers (24.34 per cent), while Jigawa (16.01 per cent), Sokoto (16.24 per cent) and Kaduna (17.75 per cent) recorded the slowest rise in year-on-year food inflation.
Nigeria’s inflation rate has been attributed to a sharp drop in the value of the naira in the foreign exchange (forex) rate, which has impacted on energy and food prices.
