By Elohor Igbru
Are you wondering why the value of your naira keeps shrinking and prices of goods and services keep going through the roof and life has become harder especially in the month of June?
It is because Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis, according to the National Bureau of Statistics in its Consumer Price Index June 2022 report.
The recorded increase in June 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 (June 2021).
On a month-on-month basis, the Headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).
The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.