Nigeria: Inflation soars in June
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase. The quicker rise came on the back of soaring food prices—accounting for nearly 50% of total weight in the index—and elevated energy prices due to the war in Ukraine.
Inflation soared to 18.6% in June, from 17.7% in May. The reading marked the highest rate since January 2017. Meanwhile, annual average inflation ticked up to 16.5% at the end of Q2, from 16.4% in May. Lastly, core inflation, which excludes volatile agricultural produce, jumped to 14.9% in May from April’s 14.2%.