AS FOOD PRICES CLIMB, NIGERIA’S INFLATION RATE RISES TO 22.79%.

Tunji Wusu –

The consumer price index (CPI), which gauges how quickly prices for goods and services rise, increased from 22.41 percent in May 2023 to 22.79 percent in June 2023.

This information can be found in the most recent CPI report, which the National Bureau of Statistics (NBS) released on Monday. According to the statistics office, the headline inflation rate for June 2023 increased by 0.38 percentage points from May 2023.

According to the NBS, the headline inflation rate was 4.19 percentage points higher on an annual basis than the rate, which was 18.60 percentage points in June 2022.

This demonstrates that the headline inflation rate increased in June 2023 when compared to the same month the year prior (i.e., June 2022), according to the report.

The research states that the rate of food inflation accelerated from 24.82 percent in May to 25.25 percent in June.