Nigeria’s Inflation Rate Rises To 22.79%

Nigeria’s Inflation Rate Rises To 22.79%

In June 2023, Nigeria’s Consumer Price Index (CPI) increased to 22.79% from the previous month’s 22.41%, according to the latest CPI report released by the National Bureau of Statistics (NBS) on Monday.

The CPI measures the rate of change in prices of goods and services.

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The report indicated that the headline inflation rate rose by 0.38% points compared to May 2023. Food inflation also experienced a significant spike, reaching 25.25% on a year-on-year basis, which is higher than the 20.60% recorded in June 2022.

In terms of monthly changes, food prices rose by 2.40% in June 2023, which is 0.21% points higher than the rate observed in May 2023. On a year-on-year basis, the food inflation rate was 4.19% points higher compared to the rate recorded in June 2022.

The report highlighted that the headline inflation rate in June 2023 was 4.19% points higher than the rate recorded in the same month of the preceding year, indicating an increase in inflation compared to June 2022.