BREAKING: Nigeria’s Inflation Rises to 22.79%

According to the National Bureau of Statistics (NBS), inflation in Nigeria rose to 22.79% in June 2023.

The NBS report suggests that the 22.79 percent was the sixth consecutive increase in the previous month.

Inflation in Africa’s largest economy rose to a 17-year high in June 2023 at 22.79 percent from 22.41 percent the previous month.

A report by the NBS said:

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“In June 2023, the Headline inflation rate rose to 22.79 percent relative to May 2023 headline inflation rate, which was 22.41 percent. 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.

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“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. 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 percent) ranked in the list of goods that contributed to the increase in inflation.

The World Bank had predicted that the removal of fuel subsidy would lead to higher inflation in the country.

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During its June 2023 update on developments in Nigeria, the bank said:

“The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term.”