Again, Nigeria’s Inflation Rate Surges, Hits 22.79% – NBS

The National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report showed that the country’s Headline Inflation Rate has increased to 22.79 percent in June 2023, relative to the 22.41 percent recorded in May 2023.

NBS said, 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 said that the current increase was stimulated by Food & Non-Alcoholic Beverages at 11.81 percent and Housing Water, Electricity. Gas & Other Fuel at 3.81 percent, amongst others.

It said, 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)”, NBS said.

The Bureau said, on a month-on-month basis, the Headline inflation rate in June 2023 was 2.13%, this was 0.19% points higher than the rate recorded in May 2023 (1.94%).

“This means that in June 2023, on average, the general price level was 0.19% higher relative to May 2023”, it said.

NBS explained that the percentage change in the average CPI for the twelve months period ending June 2023 over the average of the CPI for the previous twelve months period was 21.54%, showing a 5.00% increase compared to 16.54% recorded in June 2022.
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URBAN INFLATION

The Bureau said, “On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33%, this was 5.23% points higher compared to the 19.09% recorded in June 2022. On a month-on-month basis,
the Urban inflation rate was 2.31% in June 2023, which was 0.21% points higher compared to May 2023 (2.09%). The corresponding twelve-month average for the Urban inflation rate was 22.38% in June 2023. This was 5.30% points higher compared to the 17.09% reported in June
2022”.

RURAL INFLATION

It said, “the Rural inflation rate in June 2023 was 21.37% on a year-on-year basis; this was 3.25% points higher compared to the 18.13% recorded in June 2022. On a month-on-month basis, the Rural inflation rate in June 2023 was 1.96%, up by 0.16% points compared to May 2023 (1.80%). The corresponding twelve months average for the Rural inflation rate in June 2023 was 20.76%. This was 4.75% points higher compared to the 16.02% recorded in June 2022”.

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