Breaking: Inflation Rises to 18.60%
James Emejo in Abuja
The Consumer Price Index (CPI) which measures inflation increased to 18.60 per cent year-on-year in June compared to 17.75 per cent in the corresponding month in 2021, the National Bureau of Statistics (NBS) said Friday.
Month-on-month, the headline inflation rate increased to 1.82 per cent in June which is 0.03 per cent higher than the 1.78 per cent in May.
Year on year, however, the composite food index rose to 20.60 per cent in June, representing a decline of 1.23 per cent compared to 21.83 per cent in June 2021.
On a month-on-month basis, the food sub-index increased to 2.05 per cent in June up by 0.03 per cent points compared to 2.01 per cent recorded in May.
According to the CPI report for June, core inflation, which excludes the prices of volatile agricultural produce stood at 15.75 per cent year-on-year in June, up by 2.66 per cent when compared to 13.09 per cent in June 2021.
Month-on-month, the core sub-index increased to 1.56 per cent in the month under review, down by 0.31 per cent when compared to 1.87 per cent recorded in May.