Nigeria’s Inflation Rises to a New Record of 22.79% 

The Consumer Price Index and Inflation Report for June 2023 reveal that the country’s headline inflation rate has soared to 22.79% year-on-year. <br />This is a significant jump from the 18.60% recorded in June 2022. The figures rose to 2.13% from 1.94% in May 2023 on a month-on-month basis. <br />Global Chief Economist, Renaissance Capital, Charles Robertson, notes that the inflation data is good news that inflation is only 22.8% YoY, despite the official FX rate devaluation from roughly NGN460/$ to closer to NGN800/$. <br />In June 2023, food inflation reached a staggering 11.81%. Housing, water, electricity, and fuel are trailing behind it with a 3.81% increase, while clothing and footwear made a modest rise of 1.74%. Transport joined the party with a 1.48% surge, among other factors that added to the mix.<br /><br />This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at <a href="https://www.spreaker.com/show/4166630/advertisement">https://www.spreaker.com/show/4166630/advertisement</a>