The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate accelerated for the sixth consecutive time to 22.79 percent in June 2023.
It was gathered that the inflation rate rose to a new 17-year high of 22.79 percent in June 2023 from 22.41 percent in the previous month.
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.
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