Nigeria’s inflation rate rises to 22.79% in June

headline inflation rate rose to 22.79% in June 2023,  relative to May 2023 headline inflation rate which was 22.41%.

In its Consumer Price Index Report for June 2023, the NBS said the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

“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%,” a summary of the report said.

“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),” it added.