The National Bureau of Statistics (NBS) on Friday 15 July, in its Consumer Price Index of June 2022 disclosed that Nigeria’s inflation rate in the month of June 2022 hit 18.6% compared to 17.71% recorded in the previous month.
It informs that Food inflation, a closely watched index also rose to 20.6% in June 2022 from 19.5% recorded in May 2022.
However, according to the report by NBS, the rise in the food index was caused by increases in the prices of Bread and cereals, Food products, Potatoes, yams, other tubers, Meat, Fish, Oil and fat, and Wine.
Also, the core inflation increased to 15.75% in the month in review, rising by 0.85% points to 15.75% compared to the 14.9% recorded in the previous month.
TOS TV earlier reported that the International Monetary Fund has said inflation, debt, and forex crisis is pushing the Nigerian economy and other African economies to the brink.
She added that most countries on the continent could raise money from the global financial markets and do not have large domestic markets to turn to.
She stated, “The particularly difficult conditions in many African countries at this moment are important to consider. In my meeting with Ministers of Finance and Central Bank Governors from the continent this week, many highlighted how the effects of this, entirely exogenous, the shock was pushing their economies to the brink.
“The effect of higher food prices is being felt acutely as food accounts for a higher share of income. Inflation, fiscal, debt and balance of payments pressures are all intensifying. Most are now completely shut out from global financial markets, and unlike other regions don’t have large domestic markets to turn to.
“Against this backdrop, they are calling on the international community to come up with bold measures to support their people. This is a call we need to heed.”
NBS said the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, and passenger travel by air.