Nigeria’s inflation hits 22.79%

Data released by the National Bureau of Statistics on Monday, July 17, showed that Nigeria's headline inflation rate accelerated for the sixth consecutive time to 22.79 per cent in June 2023.

The inflation rate rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month.

The report read: “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage points when compared to May 2023 headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 4.19 percentage 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).”

Food and non-alcoholic beverages (11.81 per cent) led the list of items that contributed to the rising inflation figure.