The National Bureau of Statistics’ (NBS) stated that Nigeria’s Consumer Price Index (CPI) increased to 22.79% in June 2023.
The Consumer Price Index (CPI) data which was released by NBS on Monday showed that increased to 22.79% in June from 22.41% in May 2023.
“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 revealed that food inflation increased to 25.25% year on year, exceeding the 20.60% reported 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).”
