Fueled by a high cost of diesel and rising prices of food, Nigeria’s inflation rose to its highest level in over five years.
On Friday, 15 July 2022, the National Bureau of Statistics (NBS) released its Consumer Price Index (CPI) report. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. According to the report, Nigeria’s inflation rate rose to 18.6 per cent in June 2022—0.89 per cent more than the rate in May 2022.
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