By Tony Obiechina, Abuja
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 18.60 per cent in June 2022, up from 17.71 per cent in the previous month.
This is the highest since January 2017, according to the CPI report released by the National Bureau of Statistics (NBS) at the weekend.
The figure is also 0.84 per cent points higher compared to June 2021, which is 17.75 per cent.This means that the headline inflation rate increased in June 2022 when compared to the same month in the previous year (June 2021).
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent),” reports the NBS.
