Nigeria’s Consumer Price Index (CPI) rose to 22.79% in June from the 22.41%
recoded in May 2023.
This is according to the latest CPI report released by the National Bureau of
Statistic (NBS) on Monday.
The CPI measures the rate of change in prices of goods and services.
“In June 2023, the headline inflation rate rose to 22.79% relative to May 2023
headline inflation rate which was 22.41%. Looking at the movement, the June
2023 Headline inflation rate showed an increase of 0.38% points when
compared to May 2023 headline inflation rate,” the Bureau stated.
The report also showed that food inflation spiked to 25.25% on a year-on-year
basis which is higher than the 20.60% recorded in June 2022.
For the month under review, food prices rose to 2.40%, which is 0.21% points
higher compared to the rate recorded in May 2023.
The year-on-year basis rate showed a 4.19% higher compared to the 18.60%
rate recorded in June 2022.
“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%. 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).”