The latest report released by the Nigerian Bureau of Statistics (NBS) has revealed that inflation rate in Nigeria soared to a staggering 22.79% in June.
This marks a substantial increase from the inflation rate of 22.41% recorded in the previous month of May.
Further, the report shows that "the June 2023 inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate."
On a year-on-year basis, the headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%."
According to the report, "food inflation rate in June 2023 stood at 25.25% on a year-on-year basis; this was 4.65% points higher relative to the rate recorded in June 2022 (20.60%)."
The report revealed that the rise in food inflation was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.
The report also noted that the highest increases were recorded in prices of Passenger Transport by Air, Gas, Vehicles Spare Parts, Liquid Fuel, Fuels and Lubricants for Personal Transport Equipment, Medical Services, Passenger Transport by Road etc.
