Nigeria Inflation Rate jumps to 18.60%

The consumer price index (CPI), which measures the rate of change in prices of goods and services, hit a five-year record high leapfrogging from 17.71 per cent in May to 18.60 per cent in June 2022.

The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report for June 2022, released on Friday.

Also detailed in the report, were recorded increases in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent),” the report reads.

The report also revealed that “in the month of June 2022, the urban inflation rate increased to 19.09 per cent (year-on-year); this is a 0.74 per cent increase compared to 18.35 per cent recorded in June 2021.”

It also said that on a month-on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent)