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NIGERIA’S INFLATION RATE RISES FOR SEVENTH CONSECUTIVE MONTH TO 18.6% – NBS

Nigeria recorded an increase in its inflation rate to 18.6% in June,  making it the seventh consecutive monthly rise.

This forms a 0.9% rise when compared to the 17.7% recorded in May.

The  National Bureau of Statistics (NBS) disclosed this on Friday in its Consumer Price Index (CPI) Report.

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The report stated that food inflation also increased by 1.1% point to 20.6% from 19.5% in May.

”In June 2022, the inflation rate increased to 18.60 percent on a year-on-year basis. This is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

” 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 statement read.

The food inflation statistics read that the composite food index rose to 20.60 percent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 percent compared to 21.83 percent in June 2021.

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NBS revealed that 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, according to the Federal Government agency, was caused by increases in prices of Bread and cereals, food products, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.

 

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