- Nigeria's inflation in the month of June jumped to the highest level in the last five years
- The increase means Nigerians paid more for goods and services last month than they did in 65 months
- Residents of Ebony, Kogi, Bauchi experience the worst hit inflation when states inflation is compared
Nigeria's inflation rose to 18.60 per cent in June the highest level since January 2017.
The National Bureau of Statistics (NBS) said this in its consumer price index (CPI) report for June 2022, released on Friday.
The consumer price index (CPI), measures the rate of change in the prices of goods and services in the country.
In May 2022 inflation figure stood at 17.71 per cent.
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June 2022 inflation figure represents 0.84 per cent points higher compared to June 2021, which is 17.75 per cent.
Channels report quoted NBS as saying that there were increases in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
Details from NBS report
According to NBS 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 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 report added that food inflation rose to 20.60 percent in June 2022 on a year-on-year basis but the rate of changes in average price level declined by 1.23 percent when compared to 21.83 percent in June 2021.
The report further explained that the rate of changes in food prices compared to the same period last year was higher due to higher food prices volatility caused by COVID 19.
“This rise in the food index was caused by increases in prices of bread and cereals, food products n.e.c, Potatoes, yam, and other tubers, meat, fish, oil and fat, and wine,” it added.
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."
In analysing price movements for states, the report said Bauchi and Kogi state were the highest.
The report reads:
“In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 percent), Kogi (21.37 percent), Ebonyi (20.73 percent) while Adamawa (16.14 percent), Sokoto (16.31 percent) and Jigawa (16.37 percent) recorded the slowest rise in headline year-on-year inflation,”
“On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69 percent), Ondo (2.65 percent), and Kaduna (2.61 percent), while Adamawa (-0.26 percent), Abuja (-.0.03 percent) and Sokoto (0.79 percent) recorded the slowest rise on month-on-month inflation.”
We are doing everything possible to crash food prices, Buhari tells Nigerians
The president through the minister of agriculture and rural development, Mohammed Abubakar, announced that all hands are on deck to ensure everything is set in bringing up a stimulus package that will crash food prices.
The Minister made this disclosure in Abuja on Monday, November 15, during a familiarization tour of the Agricultural Research Council of Nigeria.
He said President Buhari was concerned about agriculture and was committed to seeing that people had “food to eat every single day to eat without struggles on their tables.”