JUST IN : Nigeria’s inflation hit 22.79% in June
Written by Broadstreet Admin on July 17, 2023
Nigeria’s headline inflation rate continued its upward trajectory, reaching a new high of 22.79 percent in June 2023, according to the latest data released by the National Bureau of Statistics on Monday.
This marks the sixth consecutive increase in inflation, with the rate climbing from 22.41 percent in the previous month to its current 17-year peak.
The NBS report highlighted, “In June 2023, the headline inflation rate rose to 22.79 percent compared to the May 2023 headline inflation rate of 22.41 percent. This indicates an increase of 0.38 percentage points in the June 2023 headline inflation rate compared to May 2023.”
On a year-on-year basis, the headline inflation rate in June 2023 was 4.19 percentage points higher than the rate recorded in June 2022, which stood at 18.60 percent. This indicates a significant increase in the headline inflation rate compared to the same month in the previous year.
The rising inflation figure was primarily driven by the cost of food and non-alcoholic beverages, which recorded an inflation rate of 11.81 percent.
The World Bank had previously projected that the removal of fuel subsidies would contribute to the country’s increasing inflation. In its June 2023 Nigeria Development Update, the World Bank stated, “The removal of petrol subsidies is expected to temporarily increase inflation in the coming months before contributing to disinflation in the medium term.”
