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
Potatoes, yam, and other tubers
Meat, fish, oil and fat
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:
Passenger transport by road
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.