Nigeria’s Inflation Rate Hits 22.79% In June

The National Bureau of Statistics says Nigeria’s inflation rate rose to 22.79% in June from 22.41% in the previous month.

The latest figure is the sixth consecutive rise in the country’s inflation rate this year.

According to the NBS CPI report for June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%.

Part of the report reads, “Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%. This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a month-on-month basis, the Headline inflation rate in June 2023 was 2.13%, this was 0.19% points higher than the rate recorded in May 2023 (1.94%). This means that in June 2023, on average, the general price level was 0.19% higher relative to May 2023.”

The report also said food inflation rose to 25.25 percent in the month under review, an uptick compared to the 24.82 percent recorded in the preceding month.

The rise in the food index, NBS said, was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, Meat, vegetable, milk, cheese, and eggs.