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.
”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”, the report said.
It added: ” 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).
”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.
“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 NBS 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.
Thr report 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).
The composite food index experienced a similar increase rising to 20.60 per cent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021.
The rate of changes in food prices compared to the same period last year was higher due to higher foods prices volatility caused by COVID 19. This rise in the food index was caused by increases in the prices of Bread and cereals,
Food products n.e.c, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine. On a month-on-month basis, the food sub-index increased to 2.05 per cent in June 2022, up by 0.03 per cent points from 2.01 per cent recorded in May 2022.
The average annual rate of change of the Food sub-index for the twelve-month period ending June 2022 over the previous twelve-month average is 18.62 per cent, which is 1.10 per cent points decline from the average annual rate of change recorded in June 2021 (19.72 per cent).
In June 2022, food inflation on a year-on-year basis was highest in Kwara (25.62%), Kogi (24.81%), and River (24.34%), while Jigawa (16.01%), Sokoto (16.24%) and Kaduna (17.75%) recorded the slowest rise in year-on-year food inflation.
On a month-on-month basis, however, in June 2022 food inflation was highest in Ebonyi(3.52%), Bayelsa (3.27%), and Ondo (3.25%), while Sokoto (0.11%), Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise on month-on-month inflation.