With the world battling an excruciating level of inflation, the Nigerian statistical body has revealed that inflation has hit a 5-year high in the country.
A report released by the National Bureau of Statistics on Friday showed that consumer price index in the country hit 18.60% in June from 17.71% in May.
Food inflation, which has consistently increased for months in Nigeria has also hit 20.6%.
Nigeria’s inflation for the month of May was the highest in eleven years with the effects of COVID-19 pandemic still yet to be recovered from.
The Russian-Ukraine tension has also caused a global deflation of businesses amongst nations.
Food inflation at the same period last year was however reported to be higher as the nation still largely grappled with the effects of the pandemic.
“This rise in the food index was caused by increases in 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 percent in June 2022, up by 0.03 percent points from 2.01 percent recorded in May 2022.”