Nigeria’s Inflation Hits 22.79% In June From 22.41% Recorded In The Previous Month

Nigeria’s annual inflation rate accelerated to 22.79 percent in June from 22.41 percent recorded in the previous month, the National Bureau of Statistics announced on Monday.

The statistics office disclosed that the June inflation rate showed an increase of 0.38 percent points when compared to May 2023 headline inflation rate.

The NBS said on a year-on-year basis, the Headline inflation rate was 4.19 percent points higher compared to the rate recorded in June 2022, which was 18.60 percent.

The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 percent relative to May 2023 headline inflation rate, which was 22.41 percent. 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 percent. 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).”

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

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

In its June 2023 Nigeria Development Update, the bank said, “The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term.”