Nigeria Inflation June 2022


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%.

FocusEconomics Consensus Forecast panelists expect inflation to average 17.4% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, inflation is seen averaging 14.9%.


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Nigeria Inflation Chart

Nigeria Inflation June 2022 0

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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