Nigeria Inflation Hits 18.60% In June

Nigeria’s inflation rate has hit 18.60 per cent in the month of June 2022, the National Bureau of Statistics (NBS) disclosed.

The inflation rate, which was 17.75 per cent in June 2021, significantly climbed to 18.60 per cent on a year-on-year basis.

The NBS made this known Consumer Price Index June 2022 report.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were, however, recorded in all 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 percent higher than the rate recorded in May 2022 (1.78 per cent).

The percentage change in the average composite CPI for the 12 months period ending June 2022 over the average of the CPI for the previous 12 months period is 16.54 perent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021.

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