Nigeria’s Inflation Rate Rises To 22.79%

Nigeria’s inflation rate has risen to 22.79%.

This is according to the latest CPI report released by the National Bureau of Statistic on Monday.

“In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%. 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.”

The report also showed that food inflation spiked to 25.25% on a year-on-year basis which is higher than the 20.60% recorded in June 2022.

For the month under review, food prices rose to 2.40%, which is 0.21% points higher compared to the rate recorded in May 2023.

The YoY basis rate shows a 4.19% higher compared to the 18.60% rate recorded in June 2022.

“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).”