Nigeria’s inflation rate rose to 22.79% in the month of June 2023, representing a 0.38% points increase from 22.41% recorded in the previous month.
This is contained in the recently released consumer price index report by the National Bureau of Statistics (NBS).
On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.
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 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.
In the same vein, core inflation increased to 20.27% from 20.06% in the prior month.
The increase in the core index is on the back of the federal government’s petrol subsidy removal announcement, which saw the price of petrol increase from an average of N185/ltr to N500 per litre.
On a month-on-month basis, the core Inflation rate was 1.74% in June 2023. It stood at 1.81% in May 2023, down by 0.07%.
The highest increases were recorded in prices of passenger transport by air, gas, vehicle spare parts, liquid fuel, fuels, and lubricants for personal transport equipment, medical services, passenger transport by road, etc.
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