Inflation rises to 18.60%, highest in 5 years, #Inflation #rising #highest #years Welcome to OLASMEDIA TV NEWSThis is what we have for you today:
The National Bureau of Statistics NBS has said inflation in Nigeria rose to 18.60% in June, the highest level in more than five years.
In a statement released today on July 15, the NBS said inflation was fueled by rising food prices and the high cost of diesel. The new rate is the highest the nation has recorded since January 2017.
The NBS said on Friday that the rate is 0.84 percentage point higher compared to the rate recorded in June 2021, which is 17.75 percent.
“This means that headline inflation increased in the month of June 2022 compared to the same month of the previous year (i.e., June 2021),” the NBS said in its report.
On a monthly basis, headline inflation rose to 1.82 percent in June 2022, 0.03 percent higher than in May 2022 (1.78 percent).
Regarding food inflation, the NBS said the composite food index rose to 20.60 percent year-on-year in June 2022, the NBS said. However, the pace of changes in the average price level decreased by 1.23 percent from 21.83 percent in June 2021.
According to the agency, the rise in the food index was driven by price increases in bread and grains, foodstuffs, potatoes, yam and other tubers, meat, fish, oil and fat, and wine.
On a monthly basis, the food subindex rose to 2.05 percent in June 2022, up 0.03 percent from 2.01 percent in May 2022.
The average annual rate of change of the Food subindex for the twelve-month period ending June 2022 from the previous twelve-month average is 18.62 percent, a decrease of 1.10 percentage points from the average annual rate of change recorded in June 2021 (19.72 percent).
The NBS noted that in June 2022, year-on-year inflation of all articles 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 year-on-year rise in headline inflation.
On a monthly basis, however, June 2022 registered 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 in month-on-month inflation,” the agency said.