Nigeria’s Consumer Price Index (CPI) increased to 22.79% in June, up from 22.41% in May 2023. This is according to the National Bureau of Statistics’ (NBS) most recent CPI data, which was released on Monday. The CPI monitors the rate at which prices for goods and services vary.
“In June 2023, the headline inflation rate increased to 22.79% from 22.41% in May 2023.” Looking at the change, the June 2023 headline inflation rate increased by 0.38% points when compared to the May 2023 headline inflation rate, according to the Bureau.
According to the data, food inflation increased to 25.25% year on year, which is greater than the 20.60% recorded in June 2022.
Food prices increased by 2.40% in the month under review, which is 0.21% greater than the rate reported in May 2023.
The year-on-year rate was 4.19% higher than the 18.60% rate registered in June 2022.
“The headline inflation rate was 4.19% points higher year on year compared to the rate recorded in June 2022, which was 18.60%.” This demonstrates that the year-on-year headline inflation rate increased in June 2023 when compared to the same month the previous year (i.e., June 2022).”
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