Economy

Nigeria’s inflation hits 18.6%, highest in five years

The Consumer Price Index, which measures the rate of change in prices of goods and services, surged to 18.60 per cent in June 2022, up from 17.71 per cent in the previous month.

According to reports, this is the highest since January 2017.

The National Bureau of Statistics said this in its consumer price index report for June 2022, released on Friday.

The figure is also 0.84 per cent points higher compared to June 2021, which is 17.75 per cent.

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

According to the report, increases were recorded in all classifications of individual consumption according to 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 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,” the report read.

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