Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022

Nigerian inflation rate shoots up to 18.60% for June, 2022 on a year-on-year basis.

The National Bureau of Statistics disclosed in its Consumer Price Index June 2022 report.

Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022
Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022

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).

Increases were recorded in all COICOP divisions that yielded the Headline index.

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.

Meanwhile the World Bank has listed the top 15 countries with the highest inflation rate globally based on 2021 figures. The listing has Nigeria occupying the 8th position.

Inflation measures the rate of increase in the prices of goods and services in a country at a given point in time. The world is currently battling with high commodity prices, leading to unprecedented inflation rates across most economies in the world, largely due to the surge in energy prices, supply shocks, among other factors.

Top 15 Countries With The Highest Inflation Rate Globally
Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022

Inflation has been top on the agenda of countries across the world since 2021. However, the war between Ukraine and Russia has made things worse for nearly every country.

According to the World Bank, the global inflation rate, measured by the consumer price index rose to 3.42 per cent in 2021, from 1.92 per cent recorded in the previous year, hitting its highest level in nine years.

Top 15 Countries With The Highest Inflation Rate Globally
Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022

List Of Top 15 Countries With The Highest Inflation Rate Globally

The top 15 countries with the highest inflation rate globally in 2021 are as follows:

  1. Sudan – 382.82 per cent.
  2. Lebanon – 154.76 per cent
  3. Zimbabwe – 98.55 per cent
  4. Suriname – 59.11 per cent
  5. Ethiopia – 26.83 per cent
  6. Zambia – 22.02 per cent
  7. Turkey – 19.59 per cent
  8. Nigeria – 16.95 per cent
  9. Haiti – 16.84 per cent
  10. Guinea – 12.59 per cent
  11. Kyrgyz Republic – 11.9 per cent
  12. Sierra Leone – 11.9 per cent
  13. Ghana – 10.0 per cent
  14. Pakistan – 9.5 per cent
  15. Mongolia – 7.1 per cent

It is worth noting that of the 15 countries with the highest inflation rate, 8 of them are from the African continent.

Top 15 Countries With The Highest Inflation Rate Globally
Nigerian Inflation Rate Shoots Up To 18.6% For June, 2022

In the list made available on the website of the World Bank, Nigeria ranks eighth on the list, with an annual inflation rate of 16.95 per cent, in a list topped by the likes of Sudan, Lebanon and Zimbabwe.

In May 2022, Nigeria’s inflation rate fell slightly from 17.93 per cent to 17.75 per cent in June, according to the National Bureau of Statistics.

The NBS said in its Consumer Price Index report for June that this showed 0.18 per cent fall in the inflation rate.

Part of the report read, “The consumer price index which measures inflation (rate of change in the increase in prices) increased by 17.75 per cent (year-on-year) in June 2021.

“This is 0.18 percentage points lower than the rate recorded in May 2021 (17.93) per cent. (This implies that prices continued to rise in June 2021 but at a slightly slower rise than it did in May 2021).”

Increases were recorded in all Classification of Individual Consumption According to Purpose divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 1.06 per cent in June 2021. This is 0.05 percentage points higher than the rate recorded in May 2021 (1.01 per cent).

The percentage change in the average composite CPI for the 12 months period ending June 2021, over the average of the CPI for the previous 12 months period was 15.93 per cent, representing a 0.43 percentage point increase over 15.50 per cent recorded in May 2021.

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