For a record seventh consecutive month, Nigeria’s inflation rate rose again in the month of June 2022.
It increased to 18.60 percent on a year-on-year basis.
The National Bureau of Statistics disclosed this in its Consumer Price Index June 2022 report.
The recorded increase in June 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 (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 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.
The biggest drivers of inflation were the prices of gas, bread and cereal products. Annual food-price growth accelerated to 20.6% from 19.5% in May and core inflation, which strips out the cost of food and energy, quickened to 15.7% in June, compared with 14.8% in the prior month.
Financial experts aver that persistent gasoline shortages and surging diesel costs, combined with erratic power supply, election spending and continued currency weakness are likely to place upward pressure on prices in coming months.