Nigeria’s inflation rate reported a seventh consecutive monthly rise to 18.6 percent in June, representing a 0.9 percent point increase from the 17.71 percent it was in May 2022.
This is the highest since January 2017.
The National Bureau of Statistics (NBS) said this in its consumer price index (CPI) report for June 2022, published on Friday.
In his sharp response to the persistent rise in inflation rate in the country, the founder/Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said as one of the major drivers of inflation is high energy costs, saying that the government should as a matter of necessity suspend all forms of taxes and charges on the importation of petroleum products to give a reprieve on the spiking energy cost.
The figure disclosed by the NBS for June this year is also 0.84 percent points higher correlated to June 2021, which is 17.75 percent.
According to the report, rises were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that generated the headline index.
“On a month-on-month basis, the headline inflation rate boosted to 1.82 percent in June 2022, this is 0.03 percent increased than the rate recorded in May 2022 (1.78 percent),” the report reads.
“The percentage change in the average blended CPI for the 12 months ending June 2022 over the average of the CPI for the previous 12 months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent reported in June 2021.”
The report enhanced that food inflation rose to 20.60 percent in June 2022 on a year-on-year basis but the rate of changes in average price level decreased by 1.23 percent when correlated to 21.83 percent in June 2021.