Naira loses more buying power as inflation rate surges to 22.7%, now 11th worst in Africa

The National Bureau of Statistics has disclosed that the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 22.79 percent in June 2023, up from 22.41 percent in the previous month.

NBS disclosed in its latest CPI report released on Monday, July 17, 2023 and obtained by Legit.ng.

Breakdown of June inflation

According to NBS, the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.

The NBS also 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.

Part of the report reads: “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)."

Food Inflation

NBS also revealed that food inflation which is an important indices to show how Nigerian household are struggling increased again in June to 25.25 per cent from 24.82 per cent in May.

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.

Nigeria inflation ranking

The latest inflation rate means Nigeria now officially has the 12th worst inflation figure in Africa according to data from Trading Economics.

Here is the list of countries with worst inflation rate in Africa.

Nigeria: 22.79%

Sao Tome and Principe: 23.2%

Congo: 26.67%

Burundi: 28.9%

Malawi: 29.2%

Ethiopia: 29.3%

Egypt: 35.7%

Ghana: 42.5%

Sierra Leone: 44.43%

Sudan: 63.3%

Zimbabwe: 176%