Nigeria’s inflation rate up from 22.41, hits 22.79 in June

Nigeria’s inflation rate rose from 22.41 per cent in May 2023 to 22.79 per cent for June 2023, according to the latest report released by the National Bureau of Statistics (NBS) on Monday.

The NBS which revealed in its Consumer Price Index (CPI) noted that the inflation rate jumped 0.38 per cent from 22.41 per cent recorded in May of the same year.

“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),” NBS revealed.

It further stated that: “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.”

READ ALSO:World Bank projects Nigeria’s inflation rate to hit 25%

Also, the food inflation rose from 24.82 per cent recorded in May to 25.25 per cent in the month under review, with hike in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs driving the increase in food inflation.

In states were food inflation was highest year-on-year, NBS listed Kwara, Lagos and Kogi, while the slowest was in Zamfara, Sokoto and Borno.

“In June 2023, Food inflation on a year- on -year basis was highest in Kwara (30.80%), Lagos (30.37%), and Kogi (29.71%), while Zamfara (21.38%), Sokoto (21.60%) and Borno (21.75%) recorded the slowest rise in Food inflation on a year-on-year basis,” the CPI noted.

It added that: “On a month-on-month basis, however, June 2023 Food inflation was highest in Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%), while Rivers (0.75%), Zamfara (1.33%) and Adamawa (1.47%) recorded the slowest rise in Food inflation on a month-on-month basis.”

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