The consumer price index (CPI), which measures the rate of change in prices of goods and services, hit a five-year record high increasing from 17.71 per cent in May to 18.60 per cent in June 2022.
This was disclosed by the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June 2022, released on Friday.
“On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent),” the report reads.
Also revealed in the report is 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.”
The report 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).
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