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Inflation Rose To 22.79% In June – NBS

The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate rose to 22.79 percent in June 2023.
It said also the percentage increase between May and June this year was 0.38 percent, and from 22.41percent in May to 22.79 in June.
NBS, which disclosed this on Monday in its Consumer Price Index for June 2023, said the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.
The apex statistical body also said the food inflation rate quickened the Year-on-Year (YoY) to 25.25 per cent in June from 24.82 per cent in May.
“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% points when compared to May 2023 headline inflation rate.
“On a YoY basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.6 per cent. This shows that the headline inflation rate (YoY basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).
“On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33 per cent, this was 5.23 per cent points higher compared to the 19.09 per cent recorded in June 2022.
“The Rural inflation rate in June 2023 was 21.37 per cent on a YoY basis; this was 3.25 percentage points higher compared to the 18.13 per cent recorded in June 2022.
“The food inflation rate in June 2023 was 25.25 per cent on a YoY basis; this was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.6 per cent).
“The rise in Food inflation on a YoY basis 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”, the apex statistical body stated.
By: Corlins Walter