Nigeria’s inflation hits 18.6% in June

Nigeria’s inflation rate in the month of June 2022 hit 18.6% compared to 17.71% recorded in the previous month.

The National Bureau of Statistics disclosed in its Consumer Price Index June 2022 report on Friday.

Food inflation, which is closely watched index also rose to 20.6% in June 2022 from 19.5% recorded in May 2022.

According to the report, the rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine.

Also, the core inflation increased to 15.75% in the review month, rising by 0.85% points to 15.75% compared to the 14.9% recorded in the previous month.

The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, and passenger travel by air.

Details later…

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