According to data released on Monday by the National Bureau of Statistics, Nigeria’s headline inflation rate has continued its upward trend, reaching 22.79 percent in June 2023.
This marks the sixth consecutive acceleration in inflation, indicating a persistent rise in the general price level of goods and services across the country.
The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month.
The NBS report read, “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).”
