Business
JUST IN: Nigeria’s inflation rate soars to 18.60%, hits 5-year high
Nigeria’s The consumer price index (CPI), which measures inflation rate, surged to 18.60 percent in June 2022, up from 17.71 percent in the previous month, according to figures from the National Bureau of Statistics (NBS).
The figures were contained in consumer price index (CPI) report for June 2022, released on Friday by the NBS.
This is the highest since February 2017.
Food inflation, which is closely watched index also rose to 20.6% in June 2022 from 19.5% recorded in May 2022.
Also, the core inflation increased to 15.75% in the review month, rising by 0.85% points to 15.75% compared to 14.9% recorded in the previous month.