Nigeria’s Inflation Hits 22.79% In June –NBS

Nigeria’s inflation rate soared from 22.41% in May 2023, to 22.79% in June 2023, the National Bureau of Statistics (NBS), said on Monday, in its “CPI and Inflation Report” for June 2023.

According to the NBS, the June inflation rate showed an increase of 0.38 percent points when compared to May 2023 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 4.19 percent points higher, compared to the rate recorded in June 2022, which was 18.60 percent.

“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)”, it said.

According to the report, the food inflation rate quickened to 25.25 percent in June, from 24.82 percent in May.