Nigeria’s consumer price index (CPI) which measures the rate of change in prices of goods and services, hit a 65-month record high, jumping from 17.71 per cent in May to 18.60 per cent in June 2022.
The National Bureau of Statistics (NBS) revealed this in its consumer price index report for June 2022, released on Friday.
The report also included recorded increases in all categories of individual consumption according to purpose (COICOP) divisions that brought about the headline index.
“On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent higher than the 1.78 per cent recorded in May 2022,” the report stated.
According to the report, urban inflation rate jumped to 19.09 per cent YoY, a 0.74 per cent increase from the 18.35 per cent recorded in June 2021. On a month-on-month basis, the urban inflation rate grew to 1.82 per cent in June 2022 from the 1.81 per cent it witnessed in May 2022.
Composite food index also witnessed an increase. It rose to 20.60 per cent YoY in June 2022, and the average price level dropped by 1.23 per cent compared to the 21.83 per cent recorded in June 2021.
The rate of changes in food prices in comparison to the same period last year rose due to higher food price volatility caused by COVID 19. The rise is attributed to inflation in prices of bread and cereals, food products n.e.c, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine. The food sub-index saw a 0.03 per cent increase, rising from 2.01 per cent in May 2022 to 2.05 per cent in June 2022.
The average annual rate of change of the Food sub-index for the twelve-month average stands at 18.62 per cent, a 1.1 percent decline from the average annual rate of change in June 2021.
Food inflation on year-on-year basis was highest in Kwara state (25.62%), Kogi (24.81%), and Rivers (24.34%), while Jigawa (16.01%), Sokoto (16.24%), and Kaduna (17.75%) witnessed the slowest rise in year-on-year food inflation.
For month-on-month basis, Ebonyi (3.52%), Bayelsa (3.27%), and Ondo (3.25%) saw the highest food inflation rate in June 2022, while Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise on month-on-month inflation.
