Nigeria’s inflation jumps to 22.79 percent, as prices of food shoot up (

Nigeria’s inflation jumps to 22.79 percent, as prices of food shoot up


By Kazeem Ugbodaga

Nigeria’s inflation has risen to 22.79 percent in June, according to report from the National Bureau of Statistics (NBS) on Monday.

In May 2023, the inflation rate was 22.41 percent.

The NBS said in June 2023, the headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%.

The body said 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.

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

“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),” NBS added.

In the NBS report,  on a month-on-month basis, the headline inflation rate in June 2023 was 2.13%, which it said was 0.19% points higher than the rate recorded in May 2023 (1.94%).

“This means that in June 2023, on average, the general price level was 0.19% higher relative to May 2023.

“The percentage change in the average CPI for the twelve months period ending June 2023 over the average of the CPI for the previous twelve months period was 21.54%, showing a 5.00% increase compared to 16.54% recorded in June 2022,” it stated.

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