Nigeria’s inflation rate jumped to 18.60% in June, the National Bureau of Statistics (NBS) said in a report released on Friday. This this the highest in rate recorded in more than five years.
June 2022 inflation is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent
The last time Nigeria’s inflation rate was recorded above 18.50% yoy was in January 2017, 18.72%
The inflation rate rose in June 2022 for the fifth consecutive times. In April 2022, the inflation rate rose to 16.82% and in May 2022 it rose 17.71%.
Increases were recorded in all COICOP divisions that yielded the Headline index, NBS said.
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).
NBS said that 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. Similarly, 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.
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, according to the report.
NBS said this rise in the food index was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 15.75 percent in June 2022 on a year-on-year basis, up by 2.66 percent when compared to 13.09 percent recorded in June 2021, the report stated.
On a month-on-month basis, the core sub-index increased to 1.56 percent in June 2022. This is down by 0.31 percent when compared to 1.87 percent recorded in May 2022.
In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99%), Kogi (21.37%), Ebonyi (20.73%) while Adamawa (16.14%), Sokoto (16.31%) and Jigawa (16.37%) recorded the slowest rise in headline Year-on-Year inflation.
On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69%), Ondo (2.65%), and Kaduna (2.61%), while Adamawa (-0.26%), Abuja (-.0.03%) and Sokoto (0.79%) recorded the slowest rise on month-on-month inflation.
NBS said that 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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.