Report published by the National Bureau of Statistics on Friday revealed that Nigeria’s inflation rate in June 2022 increased to 18.60% from 17.71% recorded in the month of May.
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. This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year.
Increases were recorded in all Classification of Individual Consumption by Purpose (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) The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.
In the month of June 2022, the urban inflation rate increased to 19.09 percent (year-on-year); this is a 0.74 percent increase compared to 18.35 percent recorded in June 2021. On a month -on-month basis, the urban inflation rate rose to 1.82 percent in June 2022, this is a 0.01 percent increase compared to May 2022 (1.81 percent). The corresponding twelve-month average percentage change for the urban index is 17.09 percent in 2022. This is 0.58 percent higher compared to 16.51 percent reported in June 2021.
The rural inflation rate increased to 18.13 percent in June 2022 (year-on-year) basis; this is a 0.97 percent increase compared to 17.16 recorded in June 2021. On a month-on-month basis, the rural index rose to 1.81 percent in June 2022, up by 0.05 percent from the rate recorded in May 2022 (1.76 percent), while the corresponding twelve-month average percentage change for the rural inflation rate in June 2022 is 16.02 percent. This is 0.66 percent higher compared to 15.36 percent recorded in June 2021.