Nigeria’s inflation rate hits 22.79% in June – NBS

<h2></h2>, <p>Based on the report, the figure is 0.38% points higher compared to the 22.41% recorded in May.</p>, <h2>The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 22.79% in June 2023.</h2>, <p>The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for June, which was released in Abuja on Monday, July 17, 2023. According to the report, the figure is 0.38% points higher compared to the 22.41% recorded in May.</p>, <p>It said on a year-on-year basis, the headline inflation rate in June was 4.19% higher than the rate recorded in June 2022 at 18.6%.</p>, <p>“This shows that the headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same period in May 2022.”</p>, <p>The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.81% and housing, water, electricity, gas and other fuel at 3.81%.</p>, <p>Others are clothing and footwear at 1.74%; transport at 1.48%; furnishings, household equipment and maintenance at 1.15% and education at 0.9%, and health at 0.68%.</p>, <p>“Miscellaneous goods and services at 0.38%; restaurant and hotels at 0.28%; alcoholic beverage, tobacco and kola at 0.25%; recreation and culture at 0.16 per cent, and communication at 0.15%.”</p>, <p>It said the percentage change in the average CPI for the 12 months ending June over the average of the CPI for the previous 12 months period was 21.54%.</p>, <p>“This indicates a 5.00% increase compared to 16.54% recorded in June 2022.”</p>, <p>The report said the food inflation rate in June was 25.25% on a year-on-year basis, which was 4.65% higher compared to the rate recorded in June 2022 at 20.6%.</p>, <p>“The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”</p>, <p>It said on a month-on-month basis, the food inflation rate in June was 2