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Inflation Rate Hits 22.79% In June- NBS

Additionally, the NBS highlighted that food inflation rate in June rose year-on-year to 25.25 percent from 24.82 percent in May.
By Johnson Atoukudu

In June, Nigeria experienced a year-on-year increase in headline inflation rate, rising by 0.38 percentage points to reach 22.79 percent, as reported by the National Bureau of Statistics (NBS) in its Consumer Price Index for June 2023. The NBS further revealed that the June inflation rate displayed a 0.38 percent point growth compared to May 2023’s headline inflation rate.

Additionally, the NBS highlighted that food inflation rate in June rose year-on-year to 25.25 percent from 24.82 percent in May.

The bureau said:”In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate which was 22.41 per cent. “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.

“On a YoY basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.6 per cent. This shows that the headline inflation rate (YoY basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33 per cent, this was 5.23 per cent points higher compared to the 19.09 per cent recorded in June 2022.

On food inflation, it said;”The food inflation rate in June 2023 was 25.25 per cent on a YoY basis; this was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.6 per cent).

“The rise in Food inflation on a YoY basis 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. “

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