Inflation rate rises for seventh consecutive month to 18.6%

Nigeria’s inflation rate recorded a seventh consecutive monthly rise to 18.6 percent in June.

This represents a 0.9 percent point rise when compared to 17.7 per cent recorded in May.

 The  National Bureau of Statistics, NBS, disclosed this today in its Consumer Price Index, CPI, Report which also stated that  food inflation also increased by 1.1 percent point to 20.6 per cent from 19.5 per cent in May.

The bureau stated:”In June 2022, the inflation rate increased to 18.60 percent on a year-on-year basis. This is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

” Increases were recorded in all COICOP divisions that yielded the Headline index. “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) .”

On food inflation NBS said:”The composite food index rose to 20.60 percent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 percent compared to 21.83 percent in June 2021.