FRI, 15 JULY, 2022-theGBJournal| Nigeria’s annual inflation rate accelerated to 18.60% in June, 0.84% higher than the 17.75% recorded in June 2021, the highest since January 2022 and, above market forecast, according to the National Bureau of Statistics Consumer Price Index for June 2022.
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 composite food index rose to 20.60 percent in June 2022 year-on-year driven by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine.
On a month-on-month basis, the food sub-index increased to 2.05 percent in June 2022, up by 0.03 percent points from 2.01 percent recorded in May 2022.
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.
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.
The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, Passenger travel by Air.
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.
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.
Urban inflation rate also rose to 19.09 percent (year-on-year); this is a 0.74 percent increase compared to 18.35 percent recorded in June 2021. On a month -on-month basis, the urban inflation rate rose to 1.82 percent in June 2022, this is a 0.01 percent increase compared to May 2022 (1.81 percent). The corresponding twelve-month average percentage change for the urban index is 17.09 percent in 2022. This is 0.58 percent higher compared to 16.51 percent reported in June 2021.
Meanwhile, 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.
On a month-on-month basis, the rural index rose to 1.81 percent in June 2022, up by 0.05 percent from the rate recorded in May 2022 (1.76 percent), while the corresponding twelve-month average percentage change for the rural inflation rate in June 2022 is 16.02 percent. This is 0.66 percent higher compared to 15.36 percent recorded in June 2021.
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