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Inflation rises to 18.60% in June, says NBS – VELOXNEWS


From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS), yesterday, said that the inflation rate in June, 2022 increased to 18.60 per cent on a year-on-year basis whereas food price rose to 2.05 per cent. This is 0.84 per cent points higher compared to the rate recorded in June 2021, which is 17.75 per cent.

According to a statement obtained from NBS website, 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 Consumption According to Purpose (COICOP) divisions that yielded 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 rate recorded in May 2022 (1.78 per cent). The percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending June 2022 over the average of the CPI for the previous 12 months period is 16.54 per cent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021” the statement, noted, adding that the composite food index rose to 20.60 per cent in June 2022 on a year-on-year basis.

“The rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021. The rate of changes in food prices compared to the same period last year 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, and wine. On a month-on-month basis, the food sub-index increased to 2.05 per cent in June 2022, up by 0.03 per cent points from 2.01 per cent recorded in May 2022.

“The average annual rate of change of the food sub-index for the twelve-month period ending June 2022 over the previous twelve-month average is 18.62 per cent, which is 1.10 per cent points decline from the average annual rate of change recorded in June 2021” the statement further explained.

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