Nigeria’s inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month, the National Bureau of Statistics (NBS) said on Friday.

The new rate is 0.84 per cent points higher compared to the rate recorded in June 2021, which was 17.75 per cent.

“This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021),” the NBS said in its report.

“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 per cent in June 2022, which is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent).

The NBS said 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 per cent, showing a 0.62 per cent increase compared to 15.93 per cent recorded in June 2021.