According to data released on Friday, July 15, 2022 by the National Bureau of Statistics, the inflation rate in Nigeria rose to 18.60% in June,

Increases were recorded in all categories of household consumption. This high inflation rate is largely due to the rise in the food price index, with the CPI sub-index for food products reaching 20.60%, compared with 19.50% in May, which is also its fourth month. Nigeria's consumer price index (CPI), which is the main measure of inflation, revealed an increase in this rate of 0.85%. The urban inflation rate reached 19.09% year-on-year in June (compared to 18.35% in June 2021), while the rural inflation rate rose to 18.13% in one year, compared to 17.16% in June 2021, according to the office. This new inflation rate is the highest in Nigeria in five years.