BREAKING: At 18.60%, Nigeria’s headline inflation hits highest since January 2017

The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s headline inflation rate rose by 89b asis points in June to 18.60per cent Year-on-year (y/y) from 17.71 per cent reported in May– the highest since January 2017 (18.72 per cent y/y)

The Consumer Price Index (CPI) report released by NBS stated: “On a month-on-month basis, the Headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 per cent 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 twelve months period is 16.54 per cent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021.

“In the month of June 2022, the urban inflation rate increased to 19.09 per cent (year-on-year); this is a 0.74 per cent increase compared to 18.35 per cent recorded in June 2021.

“On a month -on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent). The corresponding twelve-month average percentage change for the urban index is 17.09 per cent in 2022.

“This is 0.58 percent higher compared to 16.51 percent reported in June 2021. The rural inflation rate increased to 18.13 per cent in June 2022 (year-on-year) basis; this is a 0.97 per cent increase compared to 17.16 per cent recorded in June 2021.

“On a month-on-month basis, the rural index rose to 1.81 per cent in June 2022, up by 0.05 per cent from the rate recorded in May 2022 (1.76 per cent), while the corresponding 12 months average percentage change for the rural inflation rate in June 2022 is 16.02 per cent. This is 0.66 per cent higher compared to 15.36 per cent recorded in June 2021.”