Nigeria Inflation Surges to Over 18% in June 2022 – The Highest in 5 Years

For the 6th successive month, Nigeria monthly inflation increased, going from 17.7% in May to 18.6% in June 2022 - an inflation rate not seen in the last 5 years

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For the 6th successive month, Nigeria monthly inflation increased, going from 17.7% in May to 18.6% in June 2022, according to data obtained from the country’s National Bureau of Statistics.

The rate, which is also the highest in 5 years, was mainly caused by increasing food prices with the statistics office providing a breakdown of inflation in different parts of the country.

The composite food index rose to 20.60% in June 2022 on a year-on-year basis with the average price level declining by 1.23% compared to 21.83% in June 2021.

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SEE ALSO: A Dollar Crunch Bites Africa Amidst Record Inflation Numbers

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This is the Nigerian inflation data over the last 12 months:

The rate of changes in food prices compared to the same period in 2021 was higher due to higher foods prices volatility caused by COVID 19. This 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
  • Wine

The ‘’All items less farm produce’’ or Core Inflation, which excludes the prices of volatile agricultural produce, stood at 15.75% in June 2022 on a year-on-year basis, up by 2.66% when compared to 13.09% recorded in June 2021.

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

The urban inflation rate increased to 19.09% (year-on-year) – a 0.74% increase compared to 18.35% recorded in June 2021.

On a month-on-month basis, the urban inflation rate rose to 1.82% in June 2022 – a 0.01% increase compared to May 2022 (1.81%).

The rural inflation rate increased to 18.13% in June 2022.

Check out the full report below:

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RECOMMENDED READING: Ethiopia Double Digit Inflation Hits 34% in June 2022 – Among the Highest in Africa

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