Nigeria’s inflation rate has hit 18.6 percent, the highest since 2017 on a year-on-year basis.
Gatekeepers News reports that the National Bureau of Statistics disclosed in its Consumer Price Index June 2022 report.
The recorded increase in June 2022 is 0.84 percent points higher than the rate recorded in June 2021, which was 17.75 percent.
Increases were recorded in all COICOP divisions that yielded the Headline index.
According to the report, “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).”
Although the report revealed that food inflation rose to 20.6 percent in June 2022 on a year-on-year basis, the rate of changes in the average price level declined by 1.23 percent when compared to 21.83 percent in June 2021.
The report further explained that the rate of changes in food prices compared to the same period last year was higher due to higher food price volatility caused by COVID 19.
It added, “This rise in the food index was caused by increases in prices of bread and cereals, food products n.e.c, Potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.”
“On a month-on-month basis, the food sub-index increased to 2.05 percent in June 2022, up by 0.03 percent points from 2.01 percent recorded in May 2022.”
Analysing price movements for states, the report said Bauchi and Kogi states were the highest.
The report added that “In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 percent), Kogi (21.37 percent), Ebonyi (20.73 percent) while Adamawa (16.14 percent), Sokoto (16.31 percent) and Jigawa (16.37 percent) recorded the slowest rise in headline year-on-year inflation.
“On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69 percent), Ondo (2.65 percent), and Kaduna (2.61 percent), while Adamawa (-0.26 percent), Abuja (-.0.03 percent) and Sokoto (0.79 percent) recorded the slowest rise on month-on-month inflation.”
