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Nigeria’s inflation rate hits a 65-month high of 18.6% in June 2022

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inflation rise highest in 65 months

Nigeria’s inflation rate in the month of June 2022, surged further to 18.6% compared to 17.71% recorded in the previous month.

This is according to the recently released CPI report for the month of June 2022, by the National Bureau of Statistics.

Nigeria’s increase in food and services rate climbed to its highest level in 65 months (over 5 years), and the fifth consecutive monthly rise. The last time the inflation rate in Nigeria touched the 18.6% ceiling was January 2017, when it stood at 18.72%.

Food inflation, which is closely watched index also rose to 20.6% in June 2022 from 19.5% recorded in May 2022. The rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine.

Also, the core inflation increased to 15.75% in the review month, rising by 0.85% points to 15.75% compared to 14.9% recorded in the previous month.

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The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, and passenger travel by air.

 

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