Nigeria’s inflation rate rises further to 22.79%

The National Bureau of Statistics (NBS) in its most recent “CPI and Inflation Report for June 2023,” states that the inflation rate in the country increased significantly from 22.41% in the month of May to 22.79% in June.

“In June 2023, the Headline Inflation Rate rose to 22.79% relative to May 2023 Headline Inflation Rate which was 22.41%”, said the NBS, the headline inflation rate for June 2023 increased by 0.38% points when compared to the headline inflation rate for May 2023.

According to the statement, the headline inflation rate was 4.19% points higher on an annual basis than the rate registered in June 2022, which was 18.60%. This indicates that, when compared to the same month the year before (i.e., June 2022), the headline inflation rate increased in June 2023.