Nigeria’s inflation hits 18.60% in June, highest in 5 years

Nigeria’s inflation hits 18.60% in June, highest in 5 years

Nigeria’s headline inflation rose on a year on year basis to 18.60 percent in June 2022, the nation’s data agency, the National Bureau of Statistics (NBS), announced Friday.

This is the highest in five years as the last time the country’s inflation rate was higher than the current level was in January 2017 when it was 18.72 percent.

The latest inflation figure represents a 1.82 percent increase over 17.71 percent in May 2022. What the current level of inflation means is that an item that cost N100 in June 2021 now goes for N118.60.

Concurrently, food inflation surged to 20.60 percent in June 2022, as against 19.50 percent in May 2022, but lower than 21.83 percent in June 2021.

Nigeria’s rising inflationary pressures have negatively impacted the purchasing power of Nigerian households and businesses.