The National Bureau of Statistics (NBS) announced on Monday that Nigeria’s inflation rate increased to 22.79 percent in June 2023, marking the sixth consecutive increase.
In June 2023, the inflation rate increased from 22.41 percent the previous month to a new 17-year high of 22.79 percent.
The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage points when compared to May 2023 headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 4.19 percentage points higher compared to the rate recorded in June 2022, which was 18.60 per cent. 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).”
The top two categories of goods that increased inflation were food and non-alcoholic beverages (11.81%).
The World Bank had projected that eliminating of the fuel subsidy would result in an increase in inflation in the country.
Ada Peter
