Business & Finance

Inflation hits 18.6% in June 2022

Written by Ade

The National Bureau of Statistics (NBS) has announced an increase in the Inflation rate on a month–on–month basis in June 2022.

The NBS, in its Consumer Price Index June 2022 Report, disclosed that the Headline Inflation Rate in Nigeria was 18.60 per cent in June 2022, an increase of 0.03 per cent from the rate recorded in May 2022.

 On a year-on-year basis, the rate increased in comparison to 17.75 per cent recorded in June 2021. This is 0.84 per cent points higher. This means that the headline inflation rate increased in June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

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

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