Inflation in the world’s biggest black nation, Nigeria skyrocketed to 22.79% in June, 2023, says the National Bureau of Statistics (NBS).
“In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%,” NBS says.
Looking at the movement, the body adds that the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.
It notes that 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%.
NBS says 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).
On a month-on-month basis, the statistical body states that 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. 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,” it adds.
On urban inflation, NBS states that on a year-on-year basis, the Urban inflation rate in June 2023 was 24.33%, which it says 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,” it explains.
On rural inflation, the NBS says the rate in June 2023 was 21.37% on a year-on-year basis, adding that 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,” NBS states.