Nigeria's annual inflation rate for June rose to 22.79% as against 22.41% in May as revealed by the Nigerian Bureau of Statistics (NBS) in its monthly Consumer Price Index (CPI) as released on 17th July 2023, on a monthly basis the increase was 0.38% while on the yearly ground, the Headline inflation rate was 4.19% higher than last year, which was 18.60%. This increase was reportedly caused due to the spike in prices of Foods such as; Oil and fat, Bread and Cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetables, Milk, Cheese, and Eggs.
Others include Passenger Transport by Air, Gas, Vehicles Spare Parts, Liquid Fuel, Fuels and Lubricants for Personal Transport Equipment, Medical Services, Passenger Transport by Road etc.
It added that the Food inflation rate in June 2023 was 25.25 percent on a year-on-year basis, which was 4.65 percent points higher relative to the rate recorded in June 2022 (20.60 percent).
While On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, which was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).
“The average annual rate of Food inflation for the twelve months ending June 2023 over the previous twelve-month average was 24.03%, this was a 5.41% points increase from the average annual rate of change recorded in June 2022 (18.62%).”
