July 17, 2023

In June 2023, the Headline inflation rate rose to 22.79%, the Nigeria Bureau of Statistics, NBS has said.

In its latest report released on Monday the agency noted that this is relative to May 2023 headline inflation rate which was 22.41%.

“Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

“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 Food inflation rate in June 2023 was 25.25% on a year-on-year basis; this was 4.65% points higher relative to the rate recorded in June 2022 (20.60%).

The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and
cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this 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 5.41% points increase from the average annual rate of change recorded in June 2022 (18.62%).