All Items Index

In June 2022, the inflation rate increased to 18.60 percent on a year-on-year basis. This is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent. 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). 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 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent) 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 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021. In the month of June 2022, the urban inflation rate increased to 19.09 percent (year-on-year); this is a 0.74 percent increase compared to 18.35 percent recorded in June 2021.  

On a month -on-month basis, the urban inflation rate rose to 1.82 percent in June 2022, this is a 0.01 percent increase compared to May 2022 (1.81 percent). The corresponding twelve-month average percentage change for the urban index is 17.09 percent in 2022. This is 0.58 percent higher compared to 16.51 percent reported in June 2021. The rural inflation rate increased to 18.13 percent in June 2022 (year-on-year) basis; this is a 0.97 percent increase compared to 17.16 recorded in June 2021.  

On a month-on-month basis, the rural index rose to 1.81 percent in June 2022, up by 0.05 percent from the rate recorded in May 2022 (1.76 percent), while the corresponding twelve-month average percentage change for the rural inflation rate in June 2022 is 16.02 percent. This is 0.66 percent higher compared to 15.36 percent recorded in June 2021. 

Food Index

The composite food index rose to 20.60 percent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 percent compared to 21.83 percent 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 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. The average annual rate of change of the Food sub-index for the twelve-month period ending June 2022 over the previous twelve-month average is 18.62 percent, which is 1.10 percent points decline from the average annual rate of change recorded in June 2021 (19.72 percent). 

All Items Less Farm Produce

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 15.75 percent in June 2022 on a year-on-year basis, up by 2.66 percent when compared to 13.09 percent recorded in June 2021.  

On a month-on-month basis, the core sub-index increased to 1.56 percent in June 2022. This is down by 0.31 percent when compared to 1.87 percent recorded in May 2022. The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, Passenger travel by Air The average 12-month annual rate of change of the index was 14.06 percent for the twelvemonth period ending June 2022; this is 2.31 percent points higher than the 11.75 percent recorded in June 2021. 

State Profiles

In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns that differ across states and locations. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading. 

All Items Inflation

In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99%), Kogi (21.37%), Ebonyi (20.73%) while Adamawa (16.14%), Sokoto (16.31%) and Jigawa (16.37%) recorded the slowest rise in headline Year-on-Year inflation. On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69%), Ondo (2.65%), and Kaduna (2.61%), while Adamawa (-0.26%), Abuja (-.0.03%) and Sokoto (0.79%) recorded the slowest rise on month-on-month inflation. 

Food Inflation

In June 2022, food inflation on a year-on-year basis was highest in Kwara (25.62%), Kogi (24.81%), and River (24.34%), while Jigawa (16.01%), Sokoto (16.24%) and Kaduna (17.75%) recorded the slowest rise in year-on-year food inflation. On a month-on-month basis, however, in June 2022 food inflation was highest in Ebonyi (3.52%), Bayelsa (3.27%), and Ondo (3.25%), while Sokoto (0.11%), Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise on month-on-month inflation.