Just in: Nigeria’s inflation rises to 22.79%, says NBS

Nigeria’s inflation rate rose to 22.79 per cent in June 2023, the National Bureau of Statistics stated this in a report released on Monday.

It was 22.1 per cent in the previous month.

This is the sixth consecutive time the inflation will be rising.

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 food and non-alcoholic beverages (11.81 per cent) led the list of items that contributed to the rising inflation figure.

The World Bank had projected that the removal of fuel subsidy would contribute to the country’s increasing inflation.