The National Bureau of Statistics (NBS) on Friday said Nigeria’s inflation rate surged to 18.60 percent in June, up from 17.71 percent the previous month.
Inflation rose in June to its highest level in more than five years, occasioned by rising prices of food and the high cost of diesel.
The new rate is the highest the nation has recorded since January 2017.
The NBS said the rate is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.
“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),” the NBS said in its report.
On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, which is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).