Nigeria’s inflation rate hits 22.79% as food prices rise

The consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.79 percent in June 2023, up from 22.41 percent in the previous month.

This is contained in the latest CPI report released on Monday by the National Bureau of Statistics (NBS).

The statistics office said the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.
The NBS said 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 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),” it said.
According to the report, the food inflation rate quickened to 25.25 per cent in June from 24.82 per cent in May.