JUST IN: Inflation Rises Marginally To 22.79 % In June, Says NBS

Nigeria’s inflation rate rose to 22.79 per cent in June as contained in the National Bureau of Statistics (NBS) consumer Price Index (CPI) report.

The NBS said the June inflation rate showed an increase of 0.38 per cent points when compared to the 22.41 per cent in the May headline inflation rate.

Also, 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 stood at 18.60 per cent

The June increase comes across as the sixth consecutive surge in the country’s inflation rate since the year began.

The report said “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 per cent points when compared to May 2023 headline inflation rate.

The NBS stated that the increases were recorded in prices of air transport, food prices, medical services, gas, vehicles spare parts, liquid fuel and transportation.

Further breakdown of the report indicates that the food inflation rate in June 2023, stood at 25.25 per cent, indicating a 0.43 per cent point increase compared to the 24.82 recording in the previous month.

The rise in Food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.

Recall that the world bank had earlier projected that inflation will hit 25 per cent before the end of this year. With the current rate of 22.79 per cent, Nigeria is 2.21 per cent points away from the World Bank projection.