Eunice Imo
Lagos — Nigeria’s headline inflation rate rose to 22.79 percent in June relative to May 2023, the National Bureau of Statistics, NBS, has said.
The agency stated this in its “Consumer Price Index and Inflation Report June 2023”, saying the figure for June is 0.38 percent higher compared to the 22.41 percent recorded in May.
The report indicated that on a year-on-year basis, the headline inflation rate was 4.19 percent higher than the 18.60 percent recorded in June 2022.
“In June 2023, the headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. 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 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),” the report said.
According to the report, food and non-alcoholic beverages (11.81 per cent) led the list of items that contributed to the rising inflation figure.
Follow us on twitter
