The National Bureau of Statistics (NBS) has disclosed that inflation rate, also known as the Composite Price Index (CPI), rose to 18.60% in June, 2022, a five-year high increase.
Meanwhile, the inflation rate was 11.71% in May and 16.82% in April 2022.
According to the NBS in its “CPI June 2022”, “In June 2022, the inflation rate increased to 18.60 percent on a year-on-year basis.”
The report, which attributed the rise to the cost of gas, liquid fuel and solid fuel, said “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 Bureau noted on a month-to-month basis, the food sub-index increased to 2.05% in June 2022, up by 0.03% point from 2.01% recorded in May 2022.
The NBS said 18.60% inflation rate “is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.
“This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021).
“Increases were recorded in all COICOP divisions that yielded the Headline index.
“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 report noted.
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, said the NBS.
In another development, the Debt Management Office (DMO), has said that Nigeria does not face the risk of experiencing “debt distress” due to its 15.9 billion dollars Eurobonds.
The 15.9 billion dollars Eurobond is the foreign component of the debt Nigeria owes.
The DMO said this in a statement posted on its website on Wednesday.
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