By Ayo Kehinde
In just one month, May to June 2023, Nigeria’s inflation rate soared from 22.41% to 22.79 percent, according to the National Bureau of Statistics (NBS), in its “CPI and Inflation Report” for June 2023.
According to the NBS on Monday, the June inflation rate showed an increase of 0.38 percent points when compared to May 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 4.19 percent points higher, compared to the rate recorded in June 2022, which was 18.60 percent.
“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, adding that the food inflation rate quickened to 25.25 percent in June, from 24.82 percent in May.
