By Tolulope Oke
According to the National Bureau of Statistics’ (NBS) Consumer Price Index (CPI) report for the month of June 2022, inflation in Nigeria increased to 18.60 percent on a year-on-year basis.
Compared to the corresponding reported in June 2021, which was 17.75 percent, the increase in June was 0.84 percentage points higher.
Prior to this, in May 2022 NBS had revealed that Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis.
The report stated digits “is 0.22 per cent points lower, compared to the rate recorded in May 2021, which is 17.93 per cent”.
“This means that the headline inflation rate slowed down in May 2022 when compared to the same month in the previous year.”
The overall inflation rate increased month over month to 1.82 percent in June 2022, 0.03 percent higher than the rate seen in May 2022. (1.78 percent).
The average composite CPI for the twelve months ending in June 2022 is 16.54 percent more than the average CPI for the twelve months prior to that period, a rise of 0.62 percent from the 15.93 percent reported in June 2021.
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