Nigeria’s inflation rises to 22.79 per cent in June – NBS

Nigeria’s inflation rate rose to 22.79 per cent in June from 22.41 per cent in May, the National Bureau of Statistics reports.

NBS disclosed this on Monday in its latest consumer price index report.

The inflation figure represents 0.38 per cent points increments compared with the previous month’s rate.

The NBS said on a year-on-year basis; the headline inflation rate was 4.19 per cent 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),” it said.

Meanwhile, food inflation stood at 25.25 per cent in June from 24.82 per cent in May.

The development is coming amid the rise in the prices of goods and services resulting from the impact of fuel subsidy removal in June.