BREAKING: Nigeria’s Inflation Rate Rises To 22.79%
Nigeria’s Consumer Price Index (CPI) rose to 22.79% in June from the 22.41% recoded in May 2023.
The National Bureau of Statistics (NBS), disclosed this in its latest CPI report released on Monday.
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.
For the month under review, food prices rose to 2.40%, which is 0.21% points higher compared to the rate recorded in May 2023.
The year-on-year basis rate showed a 4.19% higher compared to the 18.60% rate recorded in June 2022.
It added, “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 directive was said to be in line with his administration’s position on ensuring that the most vulnerable are supported.
The President said he was not unmindful of the rising cost of food and its effect on the pocket of citizens.
The President also directed the immediate release fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.
