Nigeria’s inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month, the National Bureau of Statistics (NBS) has said.
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NBS in its consumer price index (CPI) report for June 2022, released on Friday, July 15, said the figure is 0.84 percent points higher compared to June 2021, which is 17.75 percent. This is the highest since January 2017.
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According to the report, “This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021). Increases were recorded in all COICOP divisions that yielded the Headline index.
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On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, which is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent).
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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.”
