• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Nigeria’s inflation surges to almost 19% in June

July 16, 2022 by AFRIPOL Leave a Comment

Nigeria’s inflation is getting worse. The National Bureau of Statistics revealed in its Consumer Price Index June 2022 report that inflation rate in the month of June 2022 increased to 18.60 percent from 17.71 percent of May in the second quarter of the year. It also disclosed that food inflation rate is 20.60 percent while urban inflation rate stands at 19.09 percent.

The report also revealed that “in the month of June 2022, the urban inflation rate increased to 19.09 per cent (year-on-year); this is a 0.74 per cent increase compared to 18.35 per cent recorded in June 2021.  It also said that on a month-on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent).”

“The composite food index experienced a similar increase rising  to 20.60 per cent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021. The rate of changes in food prices compared to the same period last year was higher due to higher foods prices volatility caused by COVID 19. This rise in the food index was caused by increases in the prices of Bread and cereals, Food products n.e.c, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine. On a month-on-month basis, the food sub-index increased to 2.05 per cent in June 2022, up by 0.03 per cent points from 2.01 per cent recorded in May 2022.”

With sharp surge in the inflation rate, the  Central Bank of Nigeria (CBN) will employ it’s monetary policy tool to tame the rising inflation. In this case CBN may likely jack up the interest rate to combat the rising inflation. The interest rate is at 13 percent  and further increase may do more harm than good,

Nigerians may not believed these numbers because they never trusted their government nor  do they believe that the government is working on their interest or behalf. One thing they know for sure is that goods and services are beyond their reach.

Filed Under: Articles, Strategic Research & Analysis

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

 “I have no issues with Tinubu” – Peter Obi (video)

March 13, 2023 By AFRIPOL

Tunisian leader to ECOWAS chairman: “I am a proud African” (see videos)

March 11, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • Zimbabwe: Zimbabwe Limps Toward Elections
    [CFR] An impenetrable electoral process in Zimbabwe breeds cynicism in the next generation of voters, to the peril of democracy efforts.
  • Sudan: Perthes Urges UN - 'Greater Support Needed to Help Sudan With Its Domestic Challenges'
    [Dabanga] New York -- Despite the improved political situation in Sudan, greater support is needed to help Sudan navigate domestic challenges following the signing of an agreement designed to facilitate the nation's political transition, Volker Perthes, Special Representative of the Secretary-General and Head of the United Nations Integrated Transition Assistance Mission in Sudan (UNITAMS) told […]
  • Africa: A Microbiologist Reveals the Shocking Truth About Dirt and Germs in Hotel Rooms
    [The Conversation Africa] For most of us, staying in a hotel room is either something of a necessity - think business travel - or something to look forward to as part of a holiday or wider excursion.
  • Africa: UN - School Meal Programs More Than Just a Plate of Food
    [VOA] New York -- Nearly 420 million children benefited from free school meals last year, a new World Food Program report said Tuesday, providing an important safety net as hunger reaches unprecedented crisis levels worldwide.
  • Niger: Niger Credited With Negotiating Release of U.S. Aid Worker, French Journalist
    [VOA] Dakar -- The government of Niger says it negotiated the release of a U.S. aid worker and a French journalist who were held captive by Islamist militants in the Sahel region. Aid worker and missionary Jeffery Woodke was held for more than six years, while reporter Olivier Dubois spent nearly two years in captivity.
  • Nigeria: At Least 28 Journalists Harassed, Beaten, Denied Access While Covering Elections
    [CPJ] Abuja -- Nigerian authorities should thoroughly investigate incidents involving at least 28 journalists and media workers being harassed and attacked while covering state elections and hold the perpetrators to account, the Committee to Protect Journalists said Tuesday.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Peter Obi replies Senator Nnamani who claims that he divided Nigeria
  • U.S. EMBASSY AND CONSULATE IN NIGERIA ISSUES PRESS STATEMENT ON GOVERNORSHIP ELECTION 2023
  • It’s my turn to be Senate President, Kalu declares – Punch News
  • Ghana and Côte d’Ivoire have Declared war on the Global chocolate industry over cocoa prices (video)
  • (video) I Will Never Call And Congratulate Sanwo-Olu For This Sham Of An Election – Gbadebo Rhodes-Vivour

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL