JUST IN: Nigeria’s inflation rate hits 18.60%, the highest in 5yrs

JUST IN: Nigeria’s inflation rate hits 18.60%, the highest in 5yrs

Nigeria’s inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month, the National Bureau of Statistics (NBS) has said.

NBS in its consumer price index (CPI) report for June 2022, released on Friday, July 15, said the figure is 0.84 percent points higher compared to June 2021, which is 17.75 percent. This is the highest since January 2017.

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According to the 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 (i.e., June 2021). Increases were recorded in all COICOP divisions that yielded the Headline index.

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

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