Nigeria’s Inflation Surges to 22.79% Due to Soaring Food Prices

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The Nigerian Bureau of Statistics has stated that the headline inflation rate for June rose to 22.79%, compared to the 22.41 percent recorded in May.

The NBS, in its monthly Consumer Price Index (CPI) report released on Monday, said the increase was 0.38 percentage points. 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 percent.

It stated that the increase was caused by price increases in Oil and fat, Bread and Cereals, Fish, Potatoes, Yam, and other tubers, Fruits, Meat, Vegetables, Milk, Cheese, and Eggs.

Others included Passenger Transport by Air, Gas, Vehicle Spare Parts, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, Medical Services, Passenger Transport by Road, etc.

It added that the Food inflation rate in June 2023 was 25.25 percent on a year-on-year basis, which was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.60 percent).

On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, which was 0.21 percentage points higher compared to the rate recorded in May 2023 (2.19%).

“The average annual rate of Food inflation for the twelve months ending in June 2023 over the previous twelve-month average was 24.03%. This was a 5.41 percentage points increase from the average annual rate of change recorded in June 2022 (18.62%).”

Culled from Daily Trust.

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